I took a position in CIB yesterday based on KISS STS, and "the
look"
Now the question is, place a stop just below the upper channel
line, lets get 5 comments back on how you guys would handle this,
going into the weekend.
Posted by abcdzhirt123 on 23rd of Feb 2024 at 05:36 pm
It's a balance with experience. The goal is profit and not
to be stopped out too early so risk/reward. I tend to
look at prior lows and set a stop somewhere in that neighborhood to
give it a wider berth to start (I bought 100 shares and have mine
set at around 30.5 since that will set a loss at about $200 which
is my comfort zone) because I've been stopped out of stocks
that tend to continue to run up higher with early dips. I
then watch it as it progresses based on channels and patterns.
I also like to look at the shorter time frames and
watch behaviour. Hope this helps but keep working at it and
ask questions, if you are wondering others are as well. I am
in continual learning mode and it's useful for me to see others ask
questions and see the responses.
If I'm at the computer trading stocks intraday, I tend to use a
5 minute chart for my entry. In my opinion, patterns and
breaking of resistance levels in this timeframe offer up reliable
entry points. When and where to exit a position (placing the right
stop) is more difficult to gauge; still working on that. I
tend to play high beta stocks. Being a skeptic by nature I often
place my stops too tight. Reducing position size allows me to place
wider stops. Learning through experience; there's no better
way.
yep thanks for sharing, I use 3 and 5 min charts intra day all
the time
for daily setups that I like, I'll look at 2hr, 60 min, and 15
min charts to see if I can see additional patterns that I can use
as triggers such as bull flags, wedges, trendlines, higher lows
where I can place a tight stop
if you`re getting stopped out that can be both good and bad of
course--even with 100 sh you can enter in pieces--try 50 sh and if
the likely pullback comes in the short term then add near your
stop--small size takes the pressure off --pieces can lower you`re
entry. Just a thought--good trading
Posted by DigiNomad on 23rd of Feb 2024 at 03:25 pm
What's your risk (R)? If you're looking to set a profit
taker, I would go with 1.5 R to 2 R for the 1st TP level.
Some people like to use multiples of average daily ranges.
Not bad to combine both methods as the range calcs will let you
know if your TP levels based on R's are realistic or not
(indicators like "ATR bands" will do it for you)
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I took a position in
Posted by steveo on 23rd of Feb 2024 at 03:14 pm
I took a position in CIB yesterday based on KISS STS, and "the look"
Now the question is, place a stop just below the upper channel line, lets get 5 comments back on how you guys would handle this, going into the weekend.
It's a balance with experience.
Posted by abcdzhirt123 on 23rd of Feb 2024 at 05:36 pm
It's a balance with experience. The goal is profit and not to be stopped out too early so risk/reward. I tend to look at prior lows and set a stop somewhere in that neighborhood to give it a wider berth to start (I bought 100 shares and have mine set at around 30.5 since that will set a loss at about $200 which is my comfort zone) because I've been stopped out of stocks that tend to continue to run up higher with early dips. I then watch it as it progresses based on channels and patterns. I also like to look at the shorter time frames and watch behaviour. Hope this helps but keep working at it and ask questions, if you are wondering others are as well. I am in continual learning mode and it's useful for me to see others ask questions and see the responses.
If I'm at the computer
Posted by RichieD on 25th of Feb 2024 at 04:31 pm
If I'm at the computer trading stocks intraday, I tend to use a 5 minute chart for my entry. In my opinion, patterns and breaking of resistance levels in this timeframe offer up reliable entry points. When and where to exit a position (placing the right stop) is more difficult to gauge; still working on that. I tend to play high beta stocks. Being a skeptic by nature I often place my stops too tight. Reducing position size allows me to place wider stops. Learning through experience; there's no better way.
yep thanks for sharing, I
Posted by matt on 25th of Feb 2024 at 05:34 pm
yep thanks for sharing, I use 3 and 5 min charts intra day all the time
for daily setups that I like, I'll look at 2hr, 60 min, and 15 min charts to see if I can see additional patterns that I can use as triggers such as bull flags, wedges, trendlines, higher lows where I can place a tight stop
if you`re getting stopped out
Posted by Glad on 24th of Feb 2024 at 02:16 pm
if you`re getting stopped out that can be both good and bad of course--even with 100 sh you can enter in pieces--try 50 sh and if the likely pullback comes in the short term then add near your stop--small size takes the pressure off --pieces can lower you`re entry. Just a thought--good trading
Great advice....thanks Glad.
Posted by abcdzhirt123 on 25th of Feb 2024 at 11:45 am
Great advice....thanks Glad.
I would Trim and trail.
Posted by srusso1 on 23rd of Feb 2024 at 03:18 pm
I would Trim and trail.
What's your risk (R)? If
Posted by DigiNomad on 23rd of Feb 2024 at 03:25 pm
What's your risk (R)? If you're looking to set a profit taker, I would go with 1.5 R to 2 R for the 1st TP level. Some people like to use multiples of average daily ranges. Not bad to combine both methods as the range calcs will let you know if your TP levels based on R's are realistic or not (indicators like "ATR bands" will do it for you)