Was planning to go away for long weekend, but change of plan, so decided to trade today. Both trades were off 5min timeframe, which is something I've been working on incorporating into my trading. I'll post some info in the My Strategy section when I get some time, but in general I am trading pullbacks in a trend and range breakouts. My watchlist will consist of stocks which have gapped, then subsequently are showing weak/strong behaviour relative to the general market.
COST (gap up)
After the gap up, stock was selling off despite the market holding it's own. Entry was on breakout of support on 5min chart. Since the previous day high was nearby, the trigger price was below that level as well. The candle marked is closing weak at it's low for the day and this is our short trigger.
Closed at 1R as it fell thru the prev day high.
HON (gap up)
Gap up stock which was trending up. The candle marked is an inside bar pullback with long tail and is our long trigger for breakout above current day's high. It got to within a couple of cents of 1R, so scaled out at breakeven, once it started reversing.
No other trades. Hope you did ok.
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