Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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To: hubris33 who wrote (9580)	5/8/2006 10:14:15 PM
From: sixty2nds	Read Replies (1) of 13449

H3 First, congrats on a great start on the swing trades. Seems you have found a trading time frame that works for you. Remember swing trades are short time frame trades, lasting days. I prefer to trade Intermediate time frame. The stops will be tighter swing trading than in intermediate time frame trades. Keep in mind EP gapped up significantly Friday before the bell on the earnings news. I prefer NOT to play earnings. That said, I almost bought EP last week..ignorant of the earnings date. Combine that with being "in the right place at the right time" when the earnings news hit...I bent my rule. My fill was at $14.73 My buy stop was $13.80 with a stop loss to be set at $13.25 Yes, as of the close today the position is +7%. Yes my current stop has me losing .23/share. Consider this - I have eliminated $1.25/share of my initial target entry risk. I want a spot that will let me stay in the game. I'm working toward my 2nd target $19. I chose Friday's low of $14.50 for my stop. I'm guessing a short term trader would have chosen today's low of $15.18 instead. The strong close today IMO indicates a strong open tomorrow. I will be watching tomorrow. I will evaluate. I might move the stop up. I might sell, taking the quick profit. Volume ?s. Again, keep in mind I am looking at volume on weekly, 3 day, and 2 day charts as well as the daily. H3, trust me. I do not intend to let an EP profit turn loss. My profit taking rules do not kick in until +10%. If this doesn't explain my thought process on EP I'll try again. Good trading to all, 60

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