Guest Post: Breakout Trade Attempts by Zoomie

Posted on February 3rd, 2007
Written by Zoomie
Posted in: N/A (old archives)

This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com

After seeing PinoyTRADER’s trades and results, I decided to give breakout trading a shot on Friday. I encourage everyone to look at his website and study his trades. He is a great trader and chartist, with 11 years daytrading experience. I am risking 1/12 of my normal risk for these trades until I amass a 10 R profit. If I lose 10 R, I will decrease risk size. I am pretty excited about this new venture. I hope it will supplement / complement my “dummy” trading. I am not too happy about the setups I chose. I will look for clearer resistance and better chart patterns in the future. Trade 1: LAS VEGAS SANDS CORP (NYSE:LVS)
2-feb-lvs.PNG

Trade 2: AUTODESK INC (NasdaqGS:ADSK)

2-feb-adsk-pt.PNG

Comments

  • @Richard, you are right about that. The fact that you agree with Pinoy and I agree that we should agree that you are right about Pinoy being right ;). I think it is just like choosing a quality dummy setup, it will take tine to develop a good eye. Hopefully not too long though because I could use R 30 in a day once in a while.
  • I think there needs to be more care about the pattern when you do it across days. Trendlines need 3 touches to be "real," and all that. I haven't looked too closely at Pinoy's charts, so I don't know if he agrees with me, or not. But, I'm pretty sure I agree with me, so I thought I'd go ahead and comment. :-)
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