5 active trades

I am up to five active trades today. Four long and one short. I should have closed one out at the $2 mark, but it is still in play so I will hold it and perhaps consider doubling the position if the chart looks right...it is only 25 shares now so taking it to 50 is not a big stretch.

P&F charts have a default setting of a 3 point reversal before a new column is started, $1 per point for stocks between $20 and $100. My target is $3 initially then running a tight stop beyond that point with an eye to exiting before a weekend to avoid a gap against me on the following Monday. X'x and O'x each represent $1 in movement which makes stop setting easier than penny raises. This is certainly an interesting plan and different than anything else I have played while being similar to my CTP method.

I still have more room so I will see what opens up tomorrow and perhaps enter another short and two more longs...if they materialize.

I have about 40 stocks setup on my watchlist right now. The ratio of long to sort setups is about 3:1, which is interesting. I expect that this ratio will change as the market shifts between up and down trending in general. I could run a back test scan to see if that holds for the recent downturns...but I want to play in the future, not the past.

Tomorrow is a holiday (Canada Day) and the US markets are open so I will check in a few times over the day, which is the advantage of longer term trading. Make the order, set the stops and walk away until the next day.

Jeff.