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.
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3 comments:

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) ?

1:59 AM
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.

8:12 AM
Unknown 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?

9:06 AM

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