great charts as always!
Hey man,For LEI,EGO,EMIS, if you get in right on the breakout, what is your method for placing your stops and where would you place them?Thanks!Keith
In a good market you can always place your stop right above the breakout price(that is only if you are not infront of your desk intraday, otherwise just prepare to buy the stock when you see a surge in volume right at the breakout price) Trade them well sir! Hope that helps.
Thanks for stopping by Stewie!
What kind of time frame do you look at for volume confirmation? 1,2,5,10,30 min??Thanks!Keith
I usually use 1min and 5min for my Breakout trades. When It comes to volume confirmation, it is cvery important to pay attention to the average volume. If a stock's volume is trading above average with the first 30min to an hour then you know the momentum is there. So its all relative, no rocket science involve. I hope I am making sense to you.
Yeah that makes sense for sure. I want to catch breakouts as well right when they happen and I have been using the 1-5 min time frame for volume confirmation as well. So what if you buy the breakout right when it happens, the stock goes up a bit on volume and then trades back down. You said you set your stop right AT the breakout point? So do you get stopped out a lot for break-even? If the trade was good, the stock should take off right away right and you shouldn't get stopped out right? Would it be better to place it at the pivot point right below the breakout just in case the breakout comes back to test the breakout level?thanks for all your advice!Keith
NO sir.. when i say stop I meant BUY STOP.. not STOP LOSS!
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