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 harder. 

    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

    Posted by steverobin on 8th of Jul 2020 at 05:43 pm

    The video you provided is a good guide. Placing stops and targets depends on the trader and their plan. 

    that would be super great

    Posted by imelhoe on 8th of Jul 2020 at 02:54 pm

    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!

    Important to Understand

    Posted by steve on 8th of Jul 2020 at 02:44 pm

    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 approach. 

    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 proficient.  

    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. 


Subscribe to our email list for regular free market updates
as well as a chance to get coupons!