Quote:
Originally Posted by Hog's Gone Fishin
No, I was thinking the last candle on the chart needs to be green , even if it's small.
|
Right, but that's why I'm determining the breakout price ABOVE it's current price. My breakout price for purchase is ABOVE it's current price, so the day I enter the candle will be green as the stock moves higher from it's current price. If it never hits this price, I don't initiate anything.
It's currently trading at 57.83 and my purchase is only if it goes above 58.20. Trading is only about finding a stock with momentum up. So you're correct in that I won't purchase this until it finds that breakout. If we get another long red candle, it's definitely unlikely I'll take this trade anytime soon.