Thursday, March 08, 2007

Day trading and staying with it.....where is the Woodies CCI again

Yesterday I got blasted by the first bar setup and again by the third bar reversal, well, that is just part of this game and "IF" you have done your research and found what will give you the best odds of making money each day. THEN, today would be no different then any other day.

We had a breakout to the long side this morning and when the STOCH got up to overbought at point "B" it is time to manage the trade and that, OF COURSE, would be up to you on how to handle this.......then at point "C" I would again manage the trade by moving my stop up under the pivot.....and got stopped out with a profit on the second half.....

Some have asked about the I place it under the low of the first bar or should I place is a tick or two under that low.....great questions. You might want to take a look at placing the stop under the pivot on the 70T that is printed by the stoch being oversold at point "A". This might help reduce the risk on the trade....but you will have to decide what works the best for you.

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