Thursday, September 15, 2011

Day Trade Review $TSPT. Setup, entry, exit.

Hello readers, TSPT was one of watch list name last night . As I wrote,"TSPT Over 3.45. However, it’s up big after hours. Take it on a good setup and if your are experienced trader. 

We were able to catch the trade today for about 12.50% gain. I received a few question about what is a good "Intraday" setup?So I decided to a quick post about the trade review.

When a stock like TSPT gaps up on huge volume, the target tends to be nearest gap fill or a touch of the nearest major Moving Averages. This stock gaped above previous high and 50 SMA.So the next logical target I had in my mind was either it will go for a gap fill or hit 200 EMA at 6.89. 

Surely, after a minor pullback , it have a nice long entry and continued to rise until that 6.89 was hit.

Click on the chart below to see the trade explanation. his is another one of my another favorite pattern to trade. Hope it helps

If you like to trade with me and some other talented traders,send me an email .

No comments: