Normally, the stop is set above the previous bar high/low depending on the direction of the trade. Did you enter as soon as the pivot was breached or did you wait for the first bar to complete itself before entering?
jamie, your cmg post on 6/18 shows a base breakout. where did you place your stop on that trade. I assume it would be similar if it was a pivot breakout. thank you bid
Okay, CMG was tricky. I had a wide stop on that one (over 50 cents) but I was trading at reduced size.
For CMG, I entered after it swooned down on the open and came back and recaptured Friday's late day base. As soon as price took out the pre-market high, I moved my stop to breakeven. When price took out $86.00, I moved my stop to $85.50. So I was profitable within minutes of my entry. I kept tightening the stop because CMG is not very liquid so it can be move quickly in either direction.
If you are new to trading, I would recommend that you stick with highly liquid names to start.
Watch list stocks that could break (or not) anytime - base and break patterns. CROX has a rounded top and looks very weak here.
10 comments:
Jamie,
Thanks for bringing back the watchlist!
AJ
Welcome AJ
Thanks for the watchlist, Jamie.
Jamie,
If a pivot is taken out on the first 15 minute bar, how do you determine your stop?
thank you
bid
Welcome Andrew,
We had one really nice trade with TBSI and another relatively good setup with TSAI.
Bidmarket,
Normally, the stop is set above the previous bar high/low depending on the direction of the trade. Did you enter as soon as the pivot was breached or did you wait for the first bar to complete itself before entering?
Can you give me a specific example?
Jamie,
thanks for the watchlist. I didn't enter TSAI or TBSI but did get some change on CROX long break of ORH.
jamie,
your cmg post on 6/18 shows a base breakout. where did you place your stop on that trade. I assume it would be similar if it was a pivot breakout. thank you
bid
Nice trade Bubs!
Bidmarket,
Okay, CMG was tricky. I had a wide stop on that one (over 50 cents) but I was trading at reduced size.
For CMG, I entered after it swooned down on the open and came back and recaptured Friday's late day base. As soon as price took out the pre-market high, I moved my stop to breakeven. When price took out $86.00, I moved my stop to $85.50. So I was profitable within minutes of my entry. I kept tightening the stop because CMG is not very liquid so it can be move quickly in either direction.
If you are new to trading, I would recommend that you stick with highly liquid names to start.
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