Wednesday, 12 March 2008

Trades 12/Mar/2008

Watchlist:
AEO,AGP,ALK,AXA,BHP,CAL,CAM,CAT,CSIQ,CY,DPM,ELN,ING,JASO,
JCG,KGC,KLAC, LPL,PGR,QCOM,QGEN,UAUA,UNH,WCG

Couldn't find much to trade today. So just a couple of charts.

ING (gap up)

After gap up we have a shallow retracement then head back up to the OR. The 7th candle is green and has support of the ema. It closes above the OR and also closes strong. This is our trigger.

Entry: 34.60 Stop: 34.37
Fib Ext: 35.29
1R= 34.83 2R=35.06 3R= 35.29

Unfortunately it doesn't follow thru and the next candle reverses to close below the OR. We close our postion here for a loss.

ALK (gap down)

The first candle is red and bearish and falls big time thru previous day's low. We trend down over the next few candles before starting a retracement. Candles 5,6 and 7 are narrowing and have the ema as resistance above. In addition we have the decade $20 above as well for additional cover. You could make a case for 6th or 7th candles being the trigger here.

Entry: 19.64 Stop:19.85
Fib Ext: 19.07
1R= 19.43 2R=19.22 3R= 19.01

The price moves in our favour and we take partial profits at the Fib Ext. The rest of the postion is left running with stop at breakeven. This is closed at the end of the day for a nice gain.

5 comments:

Victor said...

If you are using Quotetracker, how do you have the paintbar shown above/below candle when it gap up/down?

TraderAm said...

victor

I'm using paintbar to indicate NR3 and NR7 candles and also whether the candle closes at high/or low.

RightClick on a chart > select Indicators > select paintbar top > then on the paintbar parameters window there is a drop down entitled "Show On" > from here you can select whther to show the paintbar indicator or top or bottom of the candle.

Victor said...

My setting are set to show on top. But both gap up/down paintbar are on top. But your trades, gap up paintbar is always on top and gap down paintbar is always on bottom. It is so orderly. Why?

Do you have a separate intraday chart for gap up/down or quotetracker have auto setting to show on top and bottom depends on gap up/down?

bl said...

Sometimes it pays to short the airlines.

TraderAm said...

Victor

Yes I do tend to have separate intradaychart templates for gap up
and down.
I'm not aware of a auto setting on quotetracker to control this.