Thursday, February 08, 2007

Day Trade: Long ICE 30-min chart

Entry : $151.17

Exit : $156.14

Stop Loss : $150.00

Risk : 1.17

Gain +/- : 4.97

R : 4.25
Based on my last nights' scan, I expected a high probability of a trend continuation. I saw FLAG pattern price contraction in the first 3 csticks. Trigger was executed when price cleared $151. Position was closed when the price re-entered the next higher price channel.


Phileo said...

Hi Pinoy,

I noticed that every one of you trades is off the 30-min chart. Is that a strict rule of yours, or are there any scenarios where you would consider a different timeframe (eg. 5-min, 15-min charts) ?

mc said...

@phileo, I sometimes switch to 15-min but rarely. 30-min charts give me enough time to take my entries/exits without getting glued to my monitor. All, it provides clear picture of trends and patterns and less choppy.

vistek5 said...

Thanks for the quick info on the 30min chart. How about the history of the chart. Do you look back 5-day; 30day or 90day chart to see any trendline?