V had been consolidating the previous week's drubbing in a narrow range under $69.00. Placed a buy stop order at $69.05 which was triggered about 5 minutes into the trading session. Price rallied up to and above the weekly R2, but couldn't hold, so I took a partial. The next rally brought us above $71.00. When that level couldn't hold, I folded the balance of my position.
After a gap down and swift move lower, the NQ e-mini futures formed a cup & handle base. Took a long entry out of the base, looking for a gap fill.Took a partial at the gap fill and let the rest run. More upside, followed by a lengthy consolidation and I closed the trade when it failed in the mid-range of the consolidation zone.
TCK - Buy bounce from support and sell into resistance. Define your trigger when buying support because you don't want to catch a falling knife.
2 comments:
Hey Jamie,
For trades like V where do you place your stops?
Tim
Tim,
When stocks breakout on the open, I look for the BO point to hold as support on a retest. These types of trades are riskier given the higher level of volatility on the open. In this instance I used the ORL as my initial stop, but quickly moved it up to BE after the first 15 min. bar completed.
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