Using Range Bars to Day Trade Las Vegas Sands After Earnings

Day Trading LVS after they released their earnings last Wednesday was just a matter of fading the gap opening (46.05) on Thursday and then going long above the Thursday intra day resistance (45.00) on Friday morning. LVS was trading as high as 46.55 before Thursday open. When the opening bell rang and LVS could not take out the pre-market highs, it was just a matter of getting short on the first pullback after taking out the pre-market low of 44.93. My 1st sell short signal came at 9:52 am at 45.06 after trading below thw 44.93 level. The 2nd sell short signal came at 10:08 am at 44.95. The 3rd sell short signal came at 11:10 am at 44.76. The signal to cover the shorts were at 2:47 pm at 44.04. Friday morning after testing the Thursday morning resistance level it was time to go long. That signal came at 9:50 am at 44.90 and we were long on our trading desk....Ka Ching!

TJX Co. Breakout Trade

I am looking to go long on the $TJX breakout above 45.40 with my 1st target at the June 16th high of 46.74; my 2nd target will be the June 3rd high of 47.34; and my 3rd target will be the April 26th high of 48.50. My stop loss will be below 44.35

Using Range bars over Candlestick charts to Day Trade Stocks

Having day traded stocks using both range bars and candlesticks on minute charts has provided me with enough statistics to tell you that I trade much better intra day using range bars. Enough so, that it has influenced me to start this blog to help other intra day traders to give them a try. Let me show you the September 15, 2009 Alcoa stock chart on a 5 minute time frame and the same stock chart using range bars. As you can see there was no reason to exit the trade until a red range bar printed as opposed to getting shaken out on the 5 minute chart.

I have found that range bars do keep me in trades longer on trending stocks. My next post I will show you an example of a stock on a trendless day. There too you will see how easy it is to scalp using the range bars over the 5 minute intra day charts.