That was at 10:14
After which ZOLT did a very nice return to 4 where it promptly turned around and went up another 1.80 before it printed a nice exit pattern.
Lesson learned - don't give up on the high jumpers - yes most often they have blown their wad - but every once in awhile they haven't.
6 comments:
After which bar would you have bought? I'm not clear as to the definition of a bounce off the 4. Thanks.
Aggressive off the 6th, conservative off the 10th - a few cents either way.
I'll do a post on this if I can find some examples.
Thanks. I was actually thinking the really conservative 11th bar until I noticed each unit was 40 cents. Would you stop loss exit based on a bar or bars closing under the 4?
For a day trade I'd use a mental stop around 40 cents below the buy point. (30 dollar stock = 30 cents + 10 rule of thumb). If I were going for a longer period then some increment based on the ATR.
Thanks Marlyn. I'm going to try the "penny per dollar + 10" rule of thumb you describe for my day trades. I clearly need to buy fewer shares at a time because, given the quantities I've been buying for day trades, I can't stomach a loss of any more than 20 cents.
Sometimes its hard.
Post a Comment