Day Trading Coach Logo


10/26/13
How I Made $47,692.27 In A Single Day


10/04/13
The Subtile Trap of Trading


09/27/13
Day Trade Extreme


09/26/13
The Psychology of Price Movement


09/20/13
Trading Stocks and Options as a Business


09/20/13
Inside Days Chart Pattern Course


09/14/13
Free Forex Trading Course


Long Green Candlestick Play Instructions

Step 1 - Look for a LONG GREEN CANDLESTICK against MINOR PRICE RESISTANCE and also against a declining MAJOR MOVING AVERAGE (10 MA, 20 MA or 50 MA).

Step 2 - Pull up a 5 minute chart of the stock.

Step 3 - Note the opening price of the stock. If the stock gaps up or down more than 5/8th, DO NOT enter the trade. If the stock opens within 5/8th of the previous day's close, proceed to Step 4.

Step 4 - Wait for the stock to trade for 5 minutes. After 5 minutes, note the low of the first 5 minute candlestick.

Step 5 - Sell short the stock if it trades 1/8th below the low of the first 5 minute candlestick. If the stock does not trade lower than the low of the first 5 minute candlestick, DO NOT enter the trade.

Step 6 - Pull up a 15 minute chart of the stock.

Step 7 - After shorting the stock, place an initial protective stop 1/8th above the high price of the day.

Step 8 - Monitor the stock during the next 15 min. candlestick.

Step 9 - Adjust the protective stop to 1/8th above the high price of the previous 15 min. candlestick. Stay in the trade as long as the stock trades below this price.

Step 10 - Monitor the stock during the next 15 min. candlestick.

Step 11 - Adjust the protective stop to 1/8th above the high price of the previous 15 min candlestick. Stay in the trade as long as the stock trades below this price.

Step 12 - Continue to monitor the stock during each new 15 min. candlestick, and adjust your protective stop to 1/8th above each previous 15 min. candlestick's high.

Step 13 - Cover the stock for profit when it finally trades 1/8 above the high price of a previous 15 min. candlestick.

 

© Copyright 2003 Candlestickshop.com
Sunset Capital Management Ann Arbor, Michigan

2003 DayTradingCoach.com
disclaimer