PRTS - Chart Link

PRTS making another high

Flag pole & Flag on ETSY, TSLA? I must be hallucinating things LOL.

Very happy to have caught PRTS and TSM on my first week with you guys. Thanks.

As Steve and I have been saying, some of our favorite patterns are coils because 1. they can produce explosive moves because of their natural and 2, initial stops can be tight relative to entry.  Here's the coil setups we've had over the last 2 weeks - just look at these suckers!

PRTS - Chart Link,  TSM - Chart Link,  TSLA - Chart Link,  LVGO - Chart Link,  OPK - Chart Link,  FIVN - Chart Link,  ETSY - Chart Link,  CHFS - Chart Link-

PRTS -  too friggin late now to enter.   nice two day move though

where you been John? it busted out hard yesterday, we posted all day about it and today, and Steve talked about it in last night's newsletter. 

hope you got in on the pattern or on the break, was a textbook coil

anyway here's a link to all the posts about PRTS over the last few days, https://breakpointtrades.com/blog/search/?search_terms=prts&member_name=&start_date=&end_date=

 erikvik, PRTS is moving about 63 cents a day. The range of that 1 minute candle was 70 cents, more than it normally moves in a day. Your spread  was 29% of what it normally moves in a day, which should have been plenty. In addition the next 1 min candle had a low of 9.16, so price came back in your range. Seems to me you should have been filled. Sucks that you weren't. I use ToS. I've gotten some REALLY bad fills when I've just done buy stop orders, so I've switched to buy stop-limit orders. I vary the stop-limit spread based on the ATR of the stock. For example, for a stock that moves $1 a day, a 5-10 cent stop to limit spread should get you filled, at least it usually does with ToS.  A stock that moves $10 a day may need a larger spread since it can generally move quicker in a short timeframe. 

PRTS- anyone watching this one?   Broke out yesterday.

wow that's interesting, you had your limit orders pretty wide vs like some people trying to put them a few cents away.  now I will see about IB I have had them since 1999 but their order fills generally suck. IB is great for shorting as they have shares for most stocks, but I have not been impressed with their fills.  On PRTS that candle was a big candle where it powered up yesterday morning.  a 1 min candle opened  at 8.8 and closed at 9.21, so it may have went up too fast for IB to acknowledge the order (it looks like price jumped over your limit since the 1 min candle went from 8.8 to 9.21.  basically it popped really fast and it was hard to buy it unless you were already in it.  so that stuff just happens

for absolute perfect patterns like PRTS, that's like an A+ pattern for a coil, they don't get any better than that, if that pattern is that good looking textbook perfect I will many times just buy it early in the pattern because I know I may not get a chance or will miss it. I'll buy in the coil with my stop.  

again I think it's just bad luck for you on PRTS since it moved so fast there yesterday morning your limit price was skipped over

Gents - execution question here for experienced traders.  Having stop buy limit orders in on TSLA, and PRTS, and getting blown right past my stop limit orders...has been frustrating.  There was plenty of room to fill these trades (eg. PRTS was stop 9.01, limit 9.19 to fill) are some platforms better than others at getting orders filled?  I use IB Brokers which I thought was about as slick and efficient as you can get.  otherwise, with these higher priced stocks like TSLA, should I be dropping the limit? 

PRTS up 10x from March lows - not bad for a fundamental play.  

PRTS today's daily candle completely outside upper BB and thus I would raise my short term stop to 50% of today's range.  That's my style - trade yours

Also shift down to smaller time frames for shorter term as well for additional clues.   The large holder who bought a ton at much lower prices has been selling into recent moves higher 

PRTS - Chart Link - on PRTS here's the 60 min chart, again initial stop would have been placed there just under the coil, now a stop should be raised on remaining shares to the higher low

PRTS - Chart Link-

PRTS - Chart Link- obviously was the star today

EGAN - Chart Link- back tested that previous resistance area which become support, I said last night to look for a low risk entry there

NK - Chart Link-nice day today on this one, suggested buying yesterday early

BZH - Chart Link- triggered today on decent volume could probably put a stop at today's lows

GORO - Chart Link-the gold stock from last night busted out

PLAN - Chart Link-still going

FIVN - Chart Link-still going

BOX - Chart Link-still looks fine

BBX - Chart Link-still looks fine

BLK - Chart Link-still looks fine

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. 

PRTS - Chart Link as you know PRTS as you know it was a tight coil - I've commented that some of you suggleing with your trades or want to filter the number back, maybe focus on coils. One thing nice about coils is that for a swing trade your stop can be pretty tight, on PRTS would have been yesterday's lows - and now with the 14% move one could even sell part of their swing and keep the rest - also stop could probably be moved up to about 50% of today's candle if the candle closes strong like this.

also coil patterns tend be explosive when they go, so you risk/reward is great

PRTS - Chart Link - 60 min one could have triggered probably around 8.9 and with a stop around 8.6

So if one was willing to risk $250 a trade, for PRTS the number of shares you would have bought would be 830 shares

PRTS - Chart Link - as you know PRTS had a beauty of a coil pattern, it's been on the watchlist since Sunday and I commented yesterday that it was still tightly coiled, awesome breakout today

PRTS - Chart Link - again try to use the smaller time frames for earlier triggers, the 60 min also had a tight coil that provided an even tighter entry over the daily

PRTS - Chart Link-

Matt, Thanks for posting the NK chart yesterday, I took your advice and got some yesterday at $11.87. Same on PRTS, picked up some of it at 8.79. Didn't buy a ton, just some of each in my wife's IRA, but let's say with just the move so far today more than covered my membership for over a year. Thanks again