This Can Be More Important Than Trade Entry
It’s great to see a trade work out for a nice
quick profit after you did your homework. But remember, it’s just as
important to make sure you keep that hard earned money. We have our rules and
expectations for initial risk to reward prospects on a trade, but remember, its
the daytrader who can be flexible that also stays profitable, and in the long
run is in the position to take the next trade.
09:45:21
Intraday
Setup Alert
From the Nightly
Daytraders Report Autozone (AZO)
has gapped open above prior Slim
Jim resistance on the extended intraday chart. This particular one was
established as a Shake-n-Bake version. The stock is up .38 at 66.09.
It would have been nice if profits delivered
gains twice the size of the Slim Jim formation, but in this particular case AZO
couldn’t quite keep motoring ahead. Well, the stock might have stalled out, but
as a daytrader we don’t have the luxury to “stall” when there’s still
good profits to be taken out of a position. AZO fortunately gave us some clues
to it’s near term intentions, and for those willing to shift gears and focus on
what was happening in the present, were still able to capitalize on a solid
trade just made better.
Chris
If you’d like to learn how to trade triangles
successfully, click
here.