ABX, ACAS,ACI,AGU,ANR,BVN,EXM,FCX,FRE,GG,GLBL,HAL, IPI,IR,KGC,MVL,NEM,PCU,PPC,TDW,UST,WLT,YHOO
In the end I didn't get time to trade. But having a quick look thru the watchlist, GLBL and WLT would have been the trades I would have considered taking.
WLT (gap up)
GLBL (gap up)
7 comments:
TR: WLT bid/ask spread was $.12, so I passed. Too rich for my blood.
Would you've traded CHK 7th bar b/o on the 15min? I liked the hammer-like formation.
Also, TDW 9th bar b/d? It looked like just a red bar. An NRB perhaps? But did not like the bottom tail = did not closed strong.
Thanks, Ralph
CHK > 7th bar doesn't show enough for me to trade. The 10th has more going for it.
TDW > 9th bar > wouldn't have traded it. The previous price action was a bit wild, but aside from that, the 9th was just a red bar.
Did you make any of these trades ?
TR: I agree, TDW was wide & loose and another good reason I passed.
However, I did trade CHK on the b/o of the 7th bar high. Here are my reasons:
(1) OR high b/o (15 min)
(2) Orderly pullback to 5ema & OR high
(3) All bars closed above OR high & 5ema
(4) The 7th bar was a pattern candle = hammer (tail 2x body)
(5) And, bouncing-off major support, i.e, 5ema & OR high.
The 10th bar was an NR7, but how is it different from 6th bar? Both looked doji-like (indecisive), and seemed headed in a downtrend (lower highs)?
For all the above reasons I gave for trading CHK, am I missing anything?
Also, please explain why you believe the 10th bar "had more going for it".
Thanks for all your input, patience, and consideration. Ralph
CHK > Yes i agree with you except for point 4). On my charts this is not a pattern candle. If it had closed strong then yes.
The 10th bar is NR7 and NR3, it bounces off ema. And with it being a narrow candle there is less risk with more potential reward. A number of reasons you outlined for candle 7 could also apply to this 10th candle. It was better than candle 6 since it was closer to ema and the preceding price action was better. It was better than candle 7 since it is more of a pattern candle in my view.
It's always easy in hindsight to look at a chart and have reasons to enter or not enter a trade. If your reasons work for you then stick with it.
Thanks
TR: do you enter a trade only if a pattern candle bounces-off 5ema support, but must:
(1)closed strong, ie, shaved-head?, if not,
(2)wait for an NR7, or
(3)and/or NR3?
My understanding is that once the OR b/o, and assuming price extended from 5ema, you then wait for price to catch-up to 5ema, and enter on a pattern candle that collides with the 5ema.
(exception: an NRB candle, "subjectively" not extended from 5ema), but must closed strong (shaved-head)
A Pattern candle as I see it: (1) closes strong (2) has a wick (3) touches/bounces-off major S/R (5ema & OR high/low)
These are what I considered pattern candles: NRB (shaved-head), Hammer (body 2x tail), NR7, NR3, hangman and inverted hammers (gap-downs). With the main premises that all must closed strong?
In trying to keep in simple, I seem to be complicating things, once again. I am trying to make my entry requirement as specific as possible so as to avoid "subjectivity" in the heat of battle.
Please break it down in its simpliest terms as to exactly what it is you are looking for before OR b/o and after the OR b/o.
Thanks again for your input. Ralph
traderam, on WLT you would have probably gotten stopped out.
The risk was about $0.40 and it made it in the 1st candle after entry. Then, assuming you move your stop to BE, the next candle would have taken you out.
pitbull..
yep you are right..a breakeven trade.
Post a Comment