Tuesday, April 29, we had one Extra Inning trade on our radar and it was a slam dunk.

Praxair Inc (PX) was an Extra Inning continuation of Monday’s untriggered Sinker setup.

This is the chart from Monday night’s article:

Praxair Inc (PX), 30-Minute Chart for Monday, April 28


Tuesday morning PX opened lower again which had me watching the pivots. I am cautious on the open of these trades not on the subscription plan and subject to intraday discretion and will often watch to see how the volatility plays out, specifically looking to see if a gap down with volatility won’t go on up to fill that gap or higher before collapsing. This is what happened on PX, with early entries chopping traders out, but a little patience saw a consolidation and little pullback on a one minute or 25 tick chart at the S1 pivot.

Praxair Inc (PX), 25 Tick Chart


The next consolidation was on the S2 pivot and the stop was set just above this level, also using the 25 tick chart and setting this stop off the initial bounce on green tick candles. Exit was well below the drop from the S2 pivot, either on a pullback from consolidation lows late morning or end of day for those with wider stops.

Praxair Inc (PX), 5-Minute Chart


And finally, here it is on a daily chart:

Praxair Inc (PX), Daily Chart


Extra Innings and Opportunities for Wednesday, April 30, 2008:

We will watch for more opportunities here tomorrow.

P.S. If you enjoy my column and would like to join our Intraday Trading Plan, try it free for a week.  Click here to start receiving our best trading setups for every trading day.

Julie Peterson-Manz is cofounder of TraderInsight.com. Email her at julie@traderinsight.