Tuesday, January 16, 2007

Good grief......nice day to start talking about trading ideas again.....


Well the first bar was within a 2 point range, so when the high was taken out without taking out the low of the first bar (setup bar), we went long, using the low plus a tick as the stop for our little out of the shoot trade....WELCOME back to the real world after a nice three day weekend....:)

Not to say that after a few days off, you won't be a little on edge to just lean into it, because you never really know ...DO YOU? Just after the entry, we move down to a 70 tick to manage the trade. When the stoch move to overbought, in this case, we take half off and move to BE which is (B). Now you could have used either one, since the first one didn't actually get above the 90 level, while the second one did. Once at BE, we just wait for the next pullback and pray we don't get taken out....which today we did at point (C).

So the bottom line is that we took the trade, we managed it, we stayed out of trouble and we made lunch money......just no dessert today for YOU!!!!!!

3 comments:

Anonymous said...

Dennis,

Welcome back. I took the same trade as you. :) Anyways what stock are you using and what setting are you using. I can't get mine looking like yours.....

Thanks,
MarioM

JAB said...

Dennis,
I don't know what secret sauce you put into that Bolze Stochastic,but overlaid on the YM tick chart today(01.17.07) it was a scalper's dream.
Thank you very much.

Anonymous said...

DENNIS, where are the newest pics of the house?! also, any cool cars?