3309 Drysdale Ct
Edwardsville, IL 62025
yeah I mean I'll try to add that to some of the trade ideas,
probably not all of them, it's actually a lot of work. Also you
will need to convince Steve to do that which may be
again obviously trades are not the same for everyone so it's
just a guide for a general swing trade approach. Quite simply
I'll use the last higher low a stop, or just below a trendline, or
a moving average like the 9 EMA or 20 SMA. Or if there's a
solid up candle I'll use 50% of that range. Also patterns like
tight coils and falling wedge patterns, even flags will have tight
stops on daily charts by their nature. However horizontal breakout
plays have higher risk because many times those important support
areas are far away and your stop has to be too wide, which is also
why I suggest looking at 60 min charts and seeing if you can get a
tighter entry and stop from that.
I may try to add some of those stop and target areas to specific
patterns but not others like horizontal breakouts
The video you provided is a good guide. Placing stops and
targets depends on the trader and their plan.
that would be super great Matt, and would add a lot of benefit
to us swing traders till we get the hang of it. esp your coil
patterns that i will be looking and learning to do!
Stops and targets should be defined by each individual based
upon their style - most importantly DEFINE YOUR STYLE and your
answer will come as a result. PRTS was one of my original
fundamental plays when the stock was trading around a $1.00.
Position traders were greatly rewarded following the
management change. Too many traders bounce around from idea
to idea without having any PLAN in place. That's like a team
going into a game without any practice or plan and simply winging
it on game day - end result is most will ultimately fail with that
Stops and targets will vary greatly depending upon YOUR APPROACH
which should be enacted PRIOR to trading. Novice traders
want to start with targets without any plan in place and as a
result most will simply rely upon others and never become
Give a man a fish and you feed him for a day; teach a man to
fish and you feed him for a lifetime.
We are TRADERS not FORECASTERS - focus on what's in front of you
first and foremost. Forecasters don't put money to work like
traders. They want to tell you what's going to happen and
more often then not are wrong.
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