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All alerts for educational use only, by accessing this you agree to not make actual trades based on the information contained herein; learn the patterns with papertrading/studying. No buy, sell, hold nor other trading recommendations are being made. This is not trading advice, it is educational to teach swing trading breakout patterns.
How to set stops & handle gaps:
Trade rules: All entries use an initial stop of $1.5, one and a half points. Scale in/add to winning trades every 2 points. Use a $1.5 trailing stop to lock in wins for 1/2 initial trade position.
Example: Buy stock ABC at $40.5, initial stop is at 39.0, once it's run to at least 42, trail a stop $1.5 behind the current price. Skip any that gap over the entry price premarket. You can reset a new entry for any that gap over a trigger to .50 (fifty cents) above the nearest whole number. I usually enter with buy-stop limit orders, with a limit of 1 point above the entry. Practice these rules with a papertrading/demo account to learn the patterns.
How to papertrade/use the alerts:
I use a buy-stop limit order at the resistance level price shown.
For example if the table shows stock ABC with resistance level of 24.5, I will
enter a buy-stop 24.5 limit 25.5 order. This means I'll get filled once it breaks
above the resistance trigger of 24.5, and/or if it does a minor gap up to a point
higher (in this case, up to 25.5), but will not enter if it gaps over a point above the
resistance level entry listed in the table above.
How to set exit targets:
I primarily just trail a stop around 1.5 points (or 2-day low).
However you can use 50% of the 15-day high/low range above the 15-day high as
a target. For example 50% of a 15-day range of a stock with low of 31 and high of 37 is
6 points total, so 50% of that is 3 points (above the resistance trigger) as an exit target.
Any questions? Ask during the webinars (not via email). Thanks!
To learn from the patterns: pull up tickers in a 15-day 15-minute candlestick chart.
FAQ: If a ticker doesn't hit the entry trigger in one week, can I use it in a later week?
Answer: Yes -- because these are the strongest charts; keep track of prior weeks that
didn't hit yet, for potential breakouts in the upcoming weeks ahead, once they take out 15-day highs. Good trading!