AKAM,BAC,CRS,CYMI,ETN,FII,GWW,JNS,LULU,MMC,
NTRI,NWS, PCR,PKX,RF,WB,WEN
CRS (gap down)
After gap down, the stock had 3 weak bars before sideways consolidation towards the ema. The 9th candle is gravestone doji type, Nr3 and NR7 and it bounces down from ema above. This is out short trigger.
Entry: 48.86 Stop: 49.41
Fib Ext: 48.33
1R=48.31 2R=47.76 3R=47.21
After entry, there is more sideways movement until we get a down move where we can close half our position at the Fib Ext (about 1R). The rest is left to run and is closed at breakeven as the price recovers.
NWS (gap down)
The 1st candle is weak, then we some choppy action along the OR before the 5th candle. This is a red inverted hammer. It closes below the OR and closes weak itself. In addition it has cover from the ema close above it.
Entry: 18.29 Stop:18.45
Fib Ext: 17.98
1R=18.13 2R=17.97 3R=17.81
The price fall nicely after entry, but doesn't really follow thru in the late session. We close at the end of day for a 1R gain.
Overall : not much to trade today, so just a couple of 1R gainers. Which is OK.
3 comments:
TR: Nice to score daily R's. They do add up!
Ques: would you've taken the following trades?:
(1) TSL - 4th bar b/o. Seemed extended from 5ema to me, but nice hammer-like bar
(2)CYMI - 8th bar b/d. Also, looked extended from 5ema
(3)ETN - 3rd bar b/o. Again, it looked extended from 5ema and was a red hammer-like bar
(4)BAC - 6th bar b/d. Was a red hammer that pullback to OR Low and had 5ema as cover.
Appreciate your input, Ralph
ralph.
1) TSL wasn't on my watchlist, probably due to low gap %. However, 4th bar is valid entry point. I would have taken it because it held the $40 level. Ideally the ema could have been closer. The 10th and 11th bars could also be triggers.
2) CYMI possible, but with stop just above the OR. In fact I did consider this, but the ema distance made me think twice.
3) ETN 3rd bar ? Can't really see why I would have entered on that. It is still within the OR ?
4) BAC , the 4th bar put me off any trades on this.
TR: I am truly thankful that you are finding the time to respond to my ques. I hope that it is not an annoyance. I feel that my only chance to improve my trading ability is to emulate a successful method. Why reinvent the wheel?
As such, I continue to hope that I can rely upon you as a sort of cyber mentor. And I am confident that you will continue to be as generous as you have demonstrated time and time again.
Thank you once again for your undeniable show of support. Ralph
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