PitBull
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Timaru
As another filter to go with it. It should of had higher highs through lunch, but nevertheless, a low risk trade indeed and using level 2 as a guide for support.
Well done
Done some thinking and reading on afternoon plays last night and one that I do like is the sideways base over lunch looking for a late day breakout. This is the criteria:
Using a 5 min chart
1)Stock must be up on the day and trading higher than the prior day's close
2) The stock must be trading at or above its opening price
3) the stock must be currently basing sideways at or near the day's high
4) The sideways base must be at least 1 1/2 hour in length
5) Look to buy when it trades over the days high on the breakout
6) protective stop just below sideways base
As another filter to go with it. It should of had higher highs through lunch, but nevertheless, a low risk trade indeed and using level 2 as a guide for support.
Well done
Done some thinking and reading on afternoon plays last night and one that I do like is the sideways base over lunch looking for a late day breakout. This is the criteria:
Using a 5 min chart
1)Stock must be up on the day and trading higher than the prior day's close
2) The stock must be trading at or above its opening price
3) the stock must be currently basing sideways at or near the day's high
4) The sideways base must be at least 1 1/2 hour in length
5) Look to buy when it trades over the days high on the breakout
6) protective stop just below sideways base