Breakout play in PEP

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During the first hour of the day had me stuck because the market was at Major Support and was in an area that prices should bounce as they had done before. Shorting at MS is out of the question, so I focused on longs.  I had a nice play in COST but had a few miscues first of which I bought way too many shares, Yes my fat finger moment which if I had stayed in would have been huge!  Second, was when my first take profit area hit, my platform had me in shares going the wrong direction  erasing 1/2 of my profits.  Getting the stocks direction is hard enough but when you have execution problems on top, things can get ugly in a hurry.  My other long play happened just as the market decided to retrace a bit as lunch time approached.  I had PEP on my list since it had broke out of a very long 9 day consolidation pattern.  Thursday, PEP had retraced back into support and today it powered up and I noticed it as a 9:45 green wide range bar play.  My entry came as the market was bouncing around 11:15 pm as PEP had been consolidating on the 5 minute chart.  As it started to breakout, I entered at 95.34.  PEP just powered upward painlessly and really started to accelerate for 45 minutes and moved up a nice .43 cents of where I had entered into the play.  I ended the play selling just about all of my shares at 95.78 fearing the rally would be short lived due to the weakness in the overall market.  Another textbook play in PEP...

PEP 10102014
PEP 10102014
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2 Responses to Breakout play in PEP

  1. Bill Glasz says:

    First of all thanks for your posts.
    At one of your meetings I think you mentioned an autotrder for Forex.
    How much does it cost? Does it work (is it profitable)? Lastly ,where can it be obtained .
    Bill Glasz

    • TraderHank says:

      Bill I use an autotrader for trading the news with futures contracts, this can be found under the blog links area.

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