I didnt say what day after lunch right http://www.elitetrader.com/vb/attachment.php?s=&postid=743482 above is the URL for the chart posted. This is a good example of of what I'm always looking for. I like to see a stock with a good up gap that does not fill. The old saying is that gaps fill, but what I have found is that large ones that hold up generally continue in the direction of that gap. So in this case we had a good sized gap up. There was no basing period right after the open that would have afforded an entry there, but as the day moved along MNST started to form a base near the highs. The ranges started to coil a lot, and so my buy occured when it broke above its base. The bands I have on here are Keltner Channels which were not used for this particular trade, but they are on all my charts. Hope this helps. Brandon
Two Questions: 1. If you didn't use the Keltner channels on your chart as the base, how did you come up with your exact number? It looks lower than the high of the day, so that doesn't appear to be the reason. 2. Once you got in, how did you determine your exit target? Thanks, Cash
For my entry on MNST I chose $25.83 as the breakout point. The reason for this is that the base had become pretty tight and that was the current top of it. I always like it when I can get a breakout setup like this that occurs under the HOD. The reason for that is that as you hit the new high you get all those nuts coming in and you can sell to them a lot of times as they run the stock. To get out I mostly use pace and volume. Hope this helps. Brandon
This kind of trade would work especially well, if you called it in a chat at 25.83, but bought at 25.75-25.82, running it to the breakout point. Then you could wait to see how it acted when the room bought the 25.83, risklessly. Anyone hosting chat rooms cheap?
what are the rules for moderators in daytrading chat rooms ? CRAMER on his site claims he cannot buy or sell for himself for a few days or weeks after his call ( maybe longer ) ? ( note ... Cramer is not running a daytrading site ) for that matter ... I wonder what the rules are for the guests on his site who post intraday trades !
WOW, I bet no one ever thought of that idea. I daytrade three to five times a month to avoid the perception that this could be in play. The days I do daytrade are just to keep me doing it and whatnot. Otherwise the trading I do is intermediate term type stuff. Brandon