How to use the 4% breakout scan to make money
OME is an example of 4% breakout that made 25% move in last 10 days.
4% breakout is a range expansion scan which works best on small and mid caps and lower priced stocks. It allows you to get in to a 3 to 5 days momentum burst kind of move of 8% to 20%
As soon as stock goes 4 to 5% above entry you should move stop to break even. This should be done intraday itself. Our first objective is to at least not lose money.
In this case of OME once stock had profit the position was sold in to strength and 25% was retained with tight stops yesterday.
In order to trade this setup you must have the ability to identify good setup immediately as they start showing up in scan.
Go go through and document at least 100 good examples of this setup from past one year and study them carefully , so that you know exactly what a good setup looks like. Make a book of ideal setups
If you are serious about making money swing trading then develop setups like these and trade them. Stop wasting your money or time chasing tips from others or listening to CNBC , develop an expertise in swing trading.
Source: http://stockbee.blogspot.com/2015/11/how-to-use-4-breakout-scan-to-make-money.html
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