Here is my reasoning and logic behind buying LXU on the break out, twice in one day.
Posted Mar 18, 16 4:48 PMbyTurbobob
Categories
Price Action: Breakouts
Tickers
LXU
Here is my reasoning and logic behind buying LXU on the break out, twice in one day.
@Turbobob Hey Bob, i didnt understand why you bought the long term position, and how did you catch the 4 double tops ?
The stock was down from $40 but had very good underlying value. That was the reason for the buy I was watching the stock for a move above the multi week resistance level (the 4 tops) before going long as a trade.
I use the 5 minute as I find I get less false signals. I watch level 2 price action which, to me gives me the same information as if I was watching the 1 minute chart.
Thank you TurboBob
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