Missed this one

This is a good example of the type of daytrades that I am looking for. I ignored this one even though it was on my watch list. Dumb.

This is a chart of Union Pacific Railroad (headquartered here in Omaha, NE) I've circled what is called a "compression" candle at 10:00am. These candles indicate indecision, and often the breakout from these candles is large in either direction. You have to wait until the breakout to make your move.

On this chart if you bought as soon as you saw the breakout (about 78.26) and placed a stop at the bottom of the signal candle (about 77.83) you'd risk 43 cents per share. If you held until the end of the day you would have gained $2.84 per share or 6.6 times your risk. If you risk $1,000 per trade that means your would have made $6,600 on that trade.

Both Ugly and Trader Mike have much more information on their sites about trading this way if you're interested.