Go back to yesterday and read the reasons I passed on the BVN trade, and compare it to WEN today. Note - BVN yesterday was a 30-minute chart, WEN today is a 15-minute chart (which is irrelevant to my point below, I just wanted you looking at the correct charts).
BVN and WEN are very similar set-ups, but WEN's "hammer-like" third bar formed close to support from the retracement zone (the second bar actually bounced off of that support). And, there was room to move (over $0.50) before it reached the morning high - so even if it stalled out at that point, you had a decent profit.
WEN didn't stall at the morning high - it broke through with a strong move, and continued to the Fibonacci extension (of the previous day's low to the opening range high).
The little things can make a big difference. I will post a chart tonight.
Also, LPNT has been an excellent trade off a break of the second bar high (30-minute chart) - still in 1/2 the position (I was fortunate to get a great entry on this one!). See if you can answer the three questions on your own, and I will post the chart and analysis tonight.
Note - as TraderMike reminds us, today is Fed decision day. Watch your positions this afternoon.
Mentoring: The Key to Developing as a Trader
5 days ago
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