Hubert Senters here.
I’m going to walk you through my thinking process that I look when I’m looking to place a trade so. I’m always a huge fan of Ichimoku so I’m scanning for stuff either newly above the cloud or newly below the cloud.
It’s below the cloud. It’s HES. It’s actually one of our favorites hot ones that we scanned yesterday in Technical Tuesday which is our member’s area where we scan with people once a week and talk about which markets we like going higher which markets we like going lower and the brand new fresh trades that we’re looking at.
So HES was on a radar because it’s one of the favorite ones. It just broke below and we were thinking it can go to $58 maybe $56 and even lower. The second thing I do is then I’ve got over all arching plan like I want to short some HES.
How am I going exactly execute that strategically or tactically on a day to day basis? I’ll show you how I do that. If you can and I know everybody’s got different circumstances. You should either partner with the program or buy somebody else’s indicator or make your own if you’ve got the ability to build that.
I’m not that smart so I will just partner with smart people that I know. In this case, this is an indicator by Mark Helweg, one of my partners and a good friend of mine. And what it does tells me when to go long, when to go short, what stop to use and the first two target so in this case scenario, I’m going to zoom in here.
We already know that I think it’s going short. It’s the color that I have on it. I want to follow that plan. In this example right here, I’m going to sell it at right out the gate at $63.24. And my stop is going to be $53.81 so I’m not risking a ton of money.
And then target one is here T1. And then target two is there. So in this case scenario if you’ve executed this trade you’d be short here, your stop would be here and then your first target is here.
Now, you got a decision to make where you’re going to throw your stop through. That’s up to you, for me I will probably do it right here at the sellstop at the sell entry, that way I can’t possibly lose any money theoretically.
You can always get slip. Slipping and commissions and all that good stuff in this crazy game. But anyway, that’s how I approach it.
Good luck. Hope it helps. Happy Thanksgiving. See you on the next video.