Wednesday, May 9, 2012

30 Minute Inside Bar - TPX

Daily Chart
 

30 Minute Chart
 
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Stock: TPX
Entry Bar: 2
Time Frame: 30 Minute
Entry Point: 49.18
Stop: 48.25 Conservative or 48.52 using 15 minute chart
Exit Goal: 1 R near 49 can scale as you go
Result: Hit it
All or Nothing Result: All
Notes: Down hard on the daily chart. Saw the volume push so looking at a short squeeze after breaking high of previous day. Wider stop but fast moving stock. Left some on the table but that is OK as missed money is better than lost money. Getting greedy when going against a trend of the daily chart never a good idea.

* All or Nothing means to place a trade, set a exit goal and a stop, and not to manage the trade unless it’s the end of the day. Feel free to post any trades you made today that you would like commented on.

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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