Gap Fade Short - IOC

Another trade from a reader on Thursday...always enjoy when readers send trades....sometimes blogging can get a little old, great way to mix it up. Like they way he used a lower time frame to help place a stop.

30 minute chart

2 minute chart - stop placement

(Double Click Picture for a Larger View)

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Stock:IOC
Entry Bar: 2
Time Frame: 30 minute (2 minute chart to place stop)
Entry Green Line: 78.57
Stop Red Line: 79.96
Result: 1.39 to 2.90
Setup Grade: B+
Notes: Daily was way over extended and the volume was huge on
the first candle. I used the 2 minute chart to determine my stop. I used the last
green bar (bar 7) as the stop. I programmed this with my broker to take 1/2 @1R, then at 2R to
trail with a 1R stop.

* 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.