QIHU has come off the bottom of the base to the breakout point today rather abruptly which is not ideal imo. However it is showing strength & I buy when a stock takes out the high of a failed breakout day within the next few days. I think it shows that the failed breakout was just short term profit taking and instead of putting in a handle it goes right back for blue skies.
QIHU & china names got hit pre-mkt this morning. When this happens, I like to execute my sale asap. i did so in the first few minutes this morning at 88.6ish
No follow through, tough environment. cut losses quickly.
Major gap up on massive volume is the elephants footprint. A few weeks ago ALGN emerged from that base and then retested the breakout. I got long after the breakout retest. $2 stop.
sold out on a large range expansion breakdown through the 10 day.
Here’s why you always hit your stops…
being wrong is a major part of this game, often over 50% of it. Staying wrong is a cardinal sin.
A quick failure to hold the breakout. The higher volume on the breakout should have put emphasis on the daily range. Today, the breakout low and 2 day low was violated. Stepping aside and will reconsider if it takes out the failed breakout highs.
– 1 R
This ones been basing for a long time and is now showing layered and rising moving averages in addition to an “inside shake” candlestick entry > 10 ema. The breakout low of the day will be my stop, around 1.10 from my entry.
while CVX closed above the breakout it gapped down this morning, not showing follow through as I would like to see and then violated the opening 30 min candles low as well as the breakout days low. Stopped out -1R
AGAIN this is why you must take your losses at your predetermined stop loss. small losses!
Here I took an early cheat entry as the pattern has not yet been completed. I take cheat entries w/ smaller size and then look to add as it breaks out, confirming strength in this case > $84. Some would call the entry day a pocket pivot if volume confirmed the action as it was coiled up and broke back above the 10 day, meeting another rule.
So far my only trade this monday was an ADD to an existing position in WDAY. Breaking out to new highs on significant volume. See how it closes and follows through for conviction.
Here i used a “10-day undercut sell rule”.