One of my rules while day trading, is if a stock gaps up, I do not buy the stock until it takes out the high of the first 30 minute range. EOG gapped up today and felt fairly strong. I had Buy Stops set at 113.40. Stops below my moving averages, and roughly a target of 114.50 - 14.75. I ended up taking trade off at 114.00 as I saw some resistance on the daily between 114.30+, and figured I could re-enter if it set up again.
March 22, 2011
"I have always fully understood that I am not the only one who knows that the stock market is the world’s biggest gold mine, sitting at the foot of the island of Manhattan. A gold mine that opens its doors every day and invites anyone and everyone in to plump its depths and leave with wheelbarrows full of gold bars, if they can – and I have done it. The gold mine is there all right, and every day somebody plumps its depths, and when the bell rings at the end of the day they have gone from pauper to prince, or gone from prince to supreme potentate, or gone stony broke. And it’s always there waiting." - J.L.
"I am fully aware that of the millions of people who speculate in the markets, few people spend full time involved in the art of speculation. Yet, as far as I'm concerned it is a full-time job -- perhaps even more than a job. Perhaps it is a vocation, where many are called but few are singled out for success." - J.L.