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AtricleZine - Day Trading: Using Stock Breakouts to Your Advantage
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The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the las
Some of the best sales people I have ever met, were able to meet all of their sales goals without ever selling a thing. They simply recommended their products to their customers.They were able to do this because they spent years building their book of business.Whenever a current customer walked into their office, or called them on the telephone, the sales person would recommend to them a new product or promotion that t
In fact, our Day Trading Systems use this method for profitable trades on an almost daily basis. For example, if a stock has traded in the $6-$8 range for a month or so, moving back and forth between those two levels, a move through $8 to $8.25 could signify a breakout. The same can be said for intraday movement, where a stock finally falls under $50.45 after bouncing off of that support level all day long.
The first step to spotting a breakout is to determine the amount of time that you will want to hold the position. Whatever amount of time that is, use a chart of at least 5 times that length (10 is preferable) to determine your support and resistance points. In other words, if you are looking for a 1 hour trade, look at the last 5-10 hours to see if you can find a trading range and solid support and resistance levels. If you are looking for a 5 day hold, keep an eye on 25-50 day charts of the stock to see your key support and resistance levels.
The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the last
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In fact, our Day Trading Systems use this method for profitable trades on an almost daily basis. For example, if a stock has traded in the $6-$8 range for a month or so, moving back and forth between those two levels, a move through $8 to $8.25 could signify a breakout. The same can be said for intraday movement, where a stock finally falls under $50.45 after bouncing off of that support level all day long.
The first step to spotting a breakout is to determine the amount of time that you will want to hold the position. Whatever amount of time that is, use a chart of at least 5 times that length (10 is preferable) to determine your support and resistance points. In other words, if you are looking for a 1 hour trade, look at the last 5-10 hours to see if you can find a trading range and solid support and resistance levels. If you are looking for a 5 day hold, keep an eye on 25-50 day charts of the stock to see your key support and resistance levels.
The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the las
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The first step to spotting a breakout is to determine the amount of time that you will want to hold the position. Whatever amount of time that is, use a chart of at least 5 times that length (10 is preferable) to determine your support and resistance points. In other words, if you are looking for a 1 hour trade, look at the last 5-10 hours to see if you can find a trading range and solid support and resistance levels. If you are looking for a 5 day hold, keep an eye on 25-50 day charts of the stock to see your key support and resistance levels.
The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the las
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The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the las
I was reviewing some old Mike Litman tapes and discovered A little known but obvious secret used by some great people.This is what is presented on those tapes.How would you like the world calling you whatever you want?If you wanted the world calling you something special, What would that be?Mohammad Ali/ Cassius Clay, it is said the world over that he is the greatest. How did that happen? He is still
The best way to explain is always through examples, so look at a hypothetical scenario for DELL:
Say over the last 2 days DELL has seen considerable SUPPORT (price where stock has bounced off of consistently) at 31.55-31.60. RESISTANCE (price where stock has bounced DOWN consistently) is at around 32.10.
Knowing those numbers, we can watch DELL for signs of a BREAKOUT. Any move by DELL under the support level (lower than 31.50) or above the resistance level (higher than 32.15) could indicate that the stock is starting to break out on the next trading day. IMPORTANT: With breakout plays, you play IN THE SAME DIRECTION as the stock moved -- if it went DOWN through support, you should short sell the stock. If it went UP through resistance, you should buy the stock. The theory of breakouts is that once the stock has moved down through a significant support level, it is an indication that buying of the stock is slowing down, and that the stock may accelerate downward very quickly from that point. The opposite is true on stocks that move up through resistance (selling is fading).
FAKEOUTS: Of course, no trading style is 100% accurate. Many times, stocks will move through a support or resistance level and then quickly retreat back into the trading range. ONCE YOU TAKE YOUR BREAKOUT POSITION, set a STOP LOSS jus
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