Monday, January 29, 2007

Day Trade: Long SPWR 30-min chart

Entry @ $43.09 / 700
Exit @ $45.30




Entry : $43.09




Size : 700




Exit : $45.30




Stop Loss : $42.40




Risk : 0.69




P/L : $1,547.00




R : 3.20
I saw a cup & handle basing pattern in this chart. Entry was the 3rd cstick when price clears the descending price channel of the handle. Sold 700 shares on the 4th cstick when price started to pullback after the exhaustion buy ( see 3rd WIDE RANGE cstick).

6 comments:

Eyal said...

Hi MC, Those are interesting picks for today. Can you share in high level how you scan for trade candidates and decide on entry?

Thanks
Eyal

Matt said...

How do you catch these stocks on the initial breakout? Do you have all these charts up and buy orders already set up? You do an amazing job at buying right before the volume and price takes off. Could you share how you pick which stocks to watch?

mc said...

matt,

This are stocks that I chose from last night that might be ready to move. I then have trade triggers that will automate the buying ( mostly market orders) once my trigger price is crossed.

If you are just scanning for these stocks during the day, you will never catch these movers

fd said...

Do you have an end of day scan you run then? Or trade a basket of stocks much of time?

matt said...

Thanks MC. I am trying a new system out myself and so far the results are not that great. Your success makes me want to rethink the way I trade.

Anonymous said...

So are you placing buy stops on these stocks that you think might be ready to move? Are you just looking to buy the breakout or are you trying to time your entry with a specific pattern? thnx.