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Prospectus's Post

Looking at LEH 5 min upside break of $71

posted in stocks on Jul 18 12:30pm

22 Replies:

Looks like a rounding botom

posted by Prospectus in stocks on Jul 18 12:30pm

Maybe not

posted by Prospectus in stocks on Jul 18 12:31pm

Almost bought that breakout of $71, but didn't like the tape--too slow. Watching this retrace

posted by Prospectus in stocks on Jul 18 12:41pm

Bought that pop, in at $70.95, stop at $70.69

posted by Prospectus in stocks on Jul 18 12:44pm

playing that rounded bottom on LEH?

posted by Stewie in stocks on Jul 18 12:46pm

Yep. My target is the pivot point at 71.75, though the PP at 71.20 is giving it trouble right now

posted by Prospectus in stocks on Jul 18 12:47pm

Good, volume uptick over the prior candle! Good sign.

posted by Prospectus in stocks on Jul 18 12:49pm

Gah! Big red candle! Bad sign!

posted by Prospectus in stocks on Jul 18 12:52pm

Still in an uptrend on the 1 min, so I'm still holding. Hasn't retraced below my entry yet...

posted by Prospectus in stocks on Jul 18 12:59pm

There was just some crazy tick for -650 shares at 70.75? WTF?

posted by Prospectus in stocks on Jul 18 1:00pm

This pullback has been on declining volume, so it tells me to hold, even though my emotions say "bail".

posted by Prospectus in stocks on Jul 18 1:01pm

This is pissing me off. Move!

posted by Prospectus in stocks on Jul 18 1:12pm

Not that way!

posted by Prospectus in stocks on Jul 18 1:12pm

Still consolidating under $71.20, needs more time to break out more I guess, but it made a lower swing high on the 1 min, which scares me.

posted by Prospectus in stocks on Jul 18 1:14pm

I hate when i catch myself trying to encourage my stocks to move.

posted by Stewie in stocks on Jul 18 1:14pm

Yep, bad form. Almost stopped out...

posted by Prospectus in stocks on Jul 18 1:16pm

This decline sems like stop fishing to me, though. Hope I'm right

posted by Prospectus in stocks on Jul 18 1:17pm

Nope. Stopped out, filled at $70.91 for -0.33R, and that's the end of my trading for the day.

posted by Prospectus in stocks on Jul 18 1:18pm

stick to your trade plan. better to wrong a little than wrong a lot.

posted by Stewie in stocks on Jul 18 1:19pm

Absolutely! It's fine to be wrong small! That's what lets you win over the long term. I'm very happy that I limited the loss to what I did. Too bad I didn't trade LRCX with Johnson, though ;) When I get propped, I'll be able to choose more than one setup if it shows itself.

posted by Prospectus in stocks on Jul 18 1:29pm

yea. kinda hard to be limited to only a 1-2 trades per day. You really need to be 100% sure this is the trade you want. Market, sector and stock should all be confirming for you to take the trade.

posted by Stewie in stocks on Jul 18 1:32pm

You're telling me!

posted by Prospectus in stocks on Jul 18 1:34pm

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