You’ve probably seen something common among successful traders — they have a preference for the times they trade.
Some like to trade in the mornings… while others only trade in the afternoon… heck, some trade all day.
I’m a busy person and I’m always on the move — whether it be taking my kids to school, picking them up, or running errands — and I’ve actually figured out a way to make money and schedule the times I trade.
For me, I like trading in the afternoons.
Well, traders call it “the power hour” and it’s from 3 to 4 PM EST. Basically, this is one of the best times to trade during the day.
However, I don’t really have an hour to spare… so I figured out a way to find stocks poised to gap up the next day — so I can wake up to profits and go about my day… and just repeat that process, over and over.
Basically, I cut that down to less than 30 minutes… and the thing is… I see the same pattern at that time over and over again — almost every day.
What’s that pattern?
You Don’t Need to Sit in Front of Your Computer All Day
I don’t know about you, but I don’t like sitting in front of my computer all day — watching all the flashing lights and trying to find trades.
That’s why I learned how to take advantage of “the power hour”.
So what’s “the power hour” exactly?
Well, technically, there are two power hours during the day — one from 9:30 to 10:30 AM, and one from 3:00 PM to 4:00 PM.
The power hour is the time of day when stocks make their moves and provide a bevy of opportunities.
However, I just look to enter trades between 3:30 to 4:00 PM because that’s when I find the best setups.
When you focus on specific times to trade, you can trade efficiently and focus on your bread-and-butter trades.
Let me show you an example.
Check out the daily chart in Lexicon Pharmaceuticals (LXRX).
My scanner picked up LXRX… and I took a look at it. I saw one of my favorite setups — signaling the stock had gap up potential.
If you look at the chart above, you’ll notice LXRX had a massive drop and consolidated for about a month.
However, yesterday afternoon… the stock was trending higher and it had just broken above the 20-day simple moving average (encircled in blue in the chart above) — a bullish signal.
Not only that, but volume was also picking up in LXRX… and the stock was getting back above the 30 level in the Relative Strength Index (RSI).
Once all the stars aligned… I let everyone in the Supernova chatroom know about the setup.
As you saw, the stock had a massive gap up! If you took that trade, you could’ve made as much as 64%! That means if you had 2K shares… you could’ve made as much as $2,120.
C.P. — LXRX B @ 1.74 S @ 2.68, best overnight so far
J.M. — I bought the .LXRX191018C2 option yesterday instead of the stock. I just sold for 500% ROI
B.S. — Bought LXRX yesterday at 3:00PM for 1.74 and sold pre-market today for 2.25. May have left some profits on table but a win is a win, 29.5%
T.W. — I bought LXRX – up 55% right now!
But the thing is… this isn’t just a one-off… I see this type of price action all the time.
Take a look at the daily chart in SHMP below.
It’s the same idea…
… look for a big drop in the stock previously… followed by a period of consolidation (trading in a tight range)… then wait for a move higher.
The thing I really like to look for is a break above a key moving average. SHMP broke above its 200-day simple moving average (SMA)… and there was volume behind the move.
That was a clear signal SHMP could make a move higher.
If you look at the blue encircled area, that’s where the break above the 200-day SMA was… the stock made a massive move the next day.
That’s what I mean by taking advantage of the opportunities during the power hour… instead, I just trade the last 30 minutes.
When you stick to a schedule and consistently find winners like the ones I showed you — you’re able to build your account up extremely fast.
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Source: PennyPro.com | Original Link