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Alex,
The name of the setup is "Knock Thrice" page 5 of "Tricks of the Floor Trader"
. You basically have the setup. He (Neal T. Weintraub) doesn't give you
specific buy stop, stop loss, or sell position, that is discretionary.
For me the buy stop would be 4 points over resistance along with big volume.
On all of my trades I look to gain 5-10% per trade. Then look for the next
setup.
I don't trade the DOW or S&P but do watch, reason the stocks I trade are part
of the Dow and S&P.
Trade Well,
Joe Frabosilio
Alexander Levitin wrote:
> Dear Joe:
>
> I do not know the setup you referring to. INDU (I am looking at 5 min
> chart) attacked 10800 level four times (one yesterday and three times
> today) before breaking through on the fifth attempt.
>
> What is the setup? Where you buy, stop or sell the position?
>
> Yours, Alex.
>
> Joe Frabosilio wrote:
> >
> > Today seems to fit two possible setups out of "Tricks of the Floor
> > Trader". Looking at the intra-day chart of the DOW, the setup is called
> > "Knock Thrice" forth is a give me ( looking at the 10800 level) and
> > another way to look at this is if the market is moving sideways for 1
> > hour then get out or short. With the Fed warning of an increase in
> > rates, I call for the market to go down.
> >
> > I use both of these setups for stocks and they work well. I exited PMTC
> > this morning based on moving sideways for 1 hour, the trade was a
> > scalp. I didn't want to do this I was looking for about 5-10% gain on
> > this trade.
> >
> > Just some thoughts,
> >
> > TradeWell,
> > Joe Frabosilio
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