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.