I have been taking 20 day breakouts for momentum trades the past few months with very good success. Last week there was a lot of momentum in the energy sector providing many opportunities for intra-day as well as swing trades. Conoco Philips (NYSE:COP) was one of the stocks that I took advantage of using a 25 cents range bar to time my entries and exits. I do not use time bars because of the noise and I find it easier to manage my trades using only price action regardless of time. The chart above illustrates my trades on Thursday & Friday.
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