Trade Setups for Thursday 12th May 2011
Dear traders,
After my night scanning I found many similar charts and many possibilities for short continuations. But also most already saw intraday (15/60 min) initial move down and for low risk setups (what is always my main focus) I think that is good to see open reaction first before we will take any new trade. At Wednesday we took several possible swing ideas like CNX, ORCL, BID, AAPL, RTN and I found few possible interesting shorts like COP, GLD, JOYG and SSRI. Before I will post trading plan on them or any new idea I like to see open action first. I will post them on usual way as before (email or live chat room). I also like FOSL as possible daily continuation pattern for long side.
http://www.xpertstocktrader.com/2011/05122011fosl.jpg
All updates will come. Wish you all good trading plan
Ivica Juracich
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
IMPORTANT: Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Overtrading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!
If you have any questions, please feel free to contact me.
Good luck trading today!
Ivica Juracich
XpertStockTrader.com
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