Tuesday, April 23, 2013

April 23: trend day

I'm thinking it's best to just trade using 5 min candles when you see Trend Day (Adv-Dec +800) at the outset.

Just buy breakouts, set it and forget it.  You can buy TL breaks because you get such a big move - no reason to enter responsively.

When yesterday's high breaks before the open - and you're seeing  Europe up, financials leading, tech up... you take it.  Major new level has begun.  

Then I want to stay with 5 min candles to avoid noise - don't psych myself out and take the profit.  I want to systematically raise the stop.  Only when the TL breaks is that a clear exit signal. 

I did see a short pattern build midday that was good for 50 ticks. Wasn't around in the afternoon but once the TL broke back up -- it was time to get long again for the new high stophunt close.

These days -- which seem to be happening quite frequently, should ideally pay out big.  But holding for the move is the hard part. 

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