What to look for in good swing breakout setup
January 24, 2017
- prior to breakout there is 5 to 20 days of shallow pullback or sideways move
- during the pullback or sideways move there is range contraction
- prior to b/o day stock has very narrow range bar or negative bar
- stock is not up 3 days in a row
- the move prior to correction/sideway action should be linear
- on b/o day there is volume and price surge
- closes near high
If you setup the scans I discussed yesterday and look for setups like these , you will find some good setups.The key is to be selective and focus only on good setups.
Hi Pradeep have been a regular visitor to your blog since long. Recently came across a book called Top 10 Trading Setups by Ivaylo Ivanov which kinda reads almost verbatim of the ideas in your blog. Is he, by any chance, a stockbee member?
ReplyDeleteBest wishes n profitable trading for 2017!
He was.
ReplyDeleteHmmm.... Thought as much.
ReplyDeleteA bit disingenuous of him not to accord credit where it was due.
In the tech analysis jungle out there, your blog is akin to a light beacon.
Building upon/ adapting your approach to individual circumstances like capital invested, trading vehicle, specific markets, trading timeframe, risk appetite etc is a given and, in fact, has also been actively encouraged by you yourself - but the fact remains that the original approach was your brainchild!
Good of you to display innate grace.
Regards,