Today Conoco Philips provided another 20 day high breakout momentum trade for me. As COP opened above Friday's range I waited for the first pullback to go long using 25 cents range bars. My entry was 77.45 at 9:37am that had very good momentum as I watched it go straight up for 20 minutes. I booked my profit at 78.47 which was 27 cents of the high of 78.74 as you can see on the chart. My re-entry of 78.09 at 10:37am did not have the same momentum and I took a small 27 cents loss. My net profit in COP was 75 cents and I passed on the reversal at lunch. Using the range bars keeps me from taking big losses and never allows me to turn winning trades into big losses.
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