Wednesday, March 18, 2009

Wedge Learning Setup

5 minute chart "setup"--not an ideal wedge play (see notes)


(Double Click Picture for a Larger View)
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Stock:GIS 5 minute chart
Entry Bar: 4
Entry Green Line: bottom of bar 3
Stop Red Line: top of bar 3

Notes:Unlike the previous day when I posted a wedge setup...this is not quality. The 3rd bar is over extended and not inside the previous bar. Depending on where you put your stop you may have had a winner as it broke down later on, but in most cases not worth the risk and stopped out.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Learn to trade gaps

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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE