5 minute chart
(Double Click Picture for a Larger View)
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Stock:ALV
Entry Bar:13
Time Frame:5 to enter
Entry Green Line: 38.84 SHORT
Stop Red Line: 38.96
Result: .25 to .45
Setup Grade: B+
Notes: Overbought on the daily chart. Looking for a reason to short. Tracking ALV on the one minute charts as a possible double top formed. Wanted a more confirming bar on the one minute so waited for the 5 minute for a better confirmation to enter. Scale as you go.
Time Frame:5 to enter
Entry Green Line: 38.84 SHORT
Stop Red Line: 38.96
Result: .25 to .45
Setup Grade: B+
Notes: Overbought on the daily chart. Looking for a reason to short. Tracking ALV on the one minute charts as a possible double top formed. Wanted a more confirming bar on the one minute so waited for the 5 minute for a better confirmation to enter. Scale as you go.
* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.
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