Tuesday, August 2, 2011

Breakout Setups

I played to setups this morning, and both failed.  In both cases, I did not wait for the pattern to develop and top picked.  I looked at the setups that sustained their breakouts this morning and noticed similarities between all of them.

Failed SUNH and FTWL




And the sustained breakouts
Every successfull breakout pattern developed.  Either the stock retraced and broke the opening high, or printed a few up candles, flaged/consolidated, and kept running.  My 2 trades were forced and although followed my plan, were flawed.  Let the trade develop.

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