Thursday, July 29, 2010

5 Setups To Watch Today

To take these trades:

PLEASE DO NOT get into a trade if the markets GAPS up above a LONG ENTRY price. NEVER EVER chase a gap above a LONG TRIGGER PRICE and vice versa NEVER EVER chase a short if the markets gaps down below our entry price. If that happens, just let the trade go and we will find a new one later.

For example: if the LONG entry in ABC stock is $10.00 and the next morning the market gaps up and the stock opens at $10.30--- PLEASE DO NOT TAKE THE TRADE! Let it go and we will revisit it later in the chat room. Only take the trades that trigger during market hours without any gaps.

Enjoy and trade em well!

Make sure to check out what long time members are saying about the ART OF TRADING!!



RivTrader said...

Good charts Stewie! I'll keep an on them.

The Average Jay said...

I learned this lesson but not early enough. Great post. I found that if you just wait and calm yourself down the stock will trade back to your entry point and then take off again.

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