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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: hubris33 who wrote (8944)	4/5/2006 5:41:25 PM
From: chowder	Read Replies (2) \| Respond to of 13449

>>> Thoughts on improvement? Different approaches? <<< I have a few suggestions for you. First, stay in the time frame. The set up was on the daily chart, we have no business looking at a one minute chart. At the most, look at the 60 minute chart for support or resistance, but basically, stay with the daily chart. Second, give your stop more room. On SLW for example, your stop should have been just below yesterday's low. You had it too tight based on the chart pattern at hand. If the previous day's low was too much to give up on the down side, don't make the trade. You did a nice job of picking a stock that reversed of a support level, a nice job on the entry and the next step is place the stop just below yesterday's low because that's the point that causes the previous buy set up to fail. Third, don't move your stops on the day of the trade. You exponentially increase the odds of being stopped out. In most cases, I have learned, to leave my stop alone until the first profit target is hit. If that's too much to take, then leave the stop alone for two days and then place a stop each day just below the previous day's low. These minor adjustments should make a world of difference going forward. dabum