Wednesday, January 31, 2007

Day Trade: Long BIDU 30-min chart

Entry @ $126.45 / 700 ***late posting***
Exit @ $125.57




Entry : $126.45




Size : 700




Exit : $125.57




Stop Loss : $125.65




Risk : 0.8




P/L : ($616.00)




R : -1.10
I missed the channel/base breakout entry so I waited for a low risk entry point in the form of a narrow range cstick. Entry was on the 5th cstick and position was stopped 2 csticks later. I failed to notice the resistance area in the form of a minor high around $127 in the daily chart.

2 comments:

Zoomie said...

I was wondering how you manage your stop loss and risk on your breakout trades. Nice trades today!

mc said...

Zoomie,

Thanks.

I would always prefer a stop below consolidation area but if the stop is too wide for me, I just risk $1 on the position. That is that reason that I cap my position size at 700 (max $700 loss per trade + slippage).