How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz

Author:Andrew Aziz [Aziz, Andrew]
Language: eng
Format: epub, azw3, mobi, pdf
Publisher: AMS Publishing Group
Published: 2015-07-22T04:00:00+00:00

My profit target was when the stock made a new low on a 5-minute chart, which was a sign of weakness. As you can see in Figure 7.1, OPTT had a nice run up to around $12 and showed weakness by making a new low on a 5-minute chart at around $11.60. That is when I sold all of my position.

Figure 7.2 is another example, this time for SPU on August 29, 2016. There are actually two ABCD Patterns in this example. I marked the second one as abcd pattern. Usually, as the trading day progresses, volumes become lower and therefore the second pattern is smaller in size. Please note that you will always have high volumes at points B and D (and in this instance also at points b and d).

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