Traded two breakouts for today. The first was ARO. It had a nice daily, but was very extended intraday when I entered and I got stopped out for a loss. What was I thinking?
The other one was HRBN. It gapped up slightly to a new 20 day high and offered a great intraday pattern. Something Toni Hansen calls a D-pattern. I entered right above that pattern. Even on an otherwise boring day in the markets there are really nice breakouts during earnings season. Here is the trade…
Nice intraday pattern
- Slight gap up and new 20 day high on earnings news
- Great daily chart (fresh breakout after consolidation, no resistance near)
- Great intradaypattern (D-pattern)
- Entry slightly above ideal level @ 20.61 SL@20.45
- First target at equal move: 21.18
- Second half sold 5 minutes before the close
- Result: 2.7 + 3.9/2= 3,3 R
- Result for the day 2.3R
