CHL,CPKI,CRL,CTSH,FWLT,JKHY,KGC,LFC,NCMI,NITE,PACR,PRGO,PTR
PXD,SGY,SRX,THQI,VCLK,WMS,ACGY,EP,JCOM,DTV,EGLE,OSIP,FTO
UNT,SIVB,IDCC
After a few choppy days, a good day today.
EGLE (gap up)
The first candle is very bullish and we trend up before consolidating sideways and finding support at the ema. Candles 7, 8 and 9 are all hammer like with tails which test the ema. Any one of these would have been a valid trigger.
Entry: 33.55 Stop: 33.06
Fib Ext: 33.33
1R=34.04 2R=34.53 3R=35.02
The price moves up nicely with the ema and we take partial profits after a $1 gain (approx 2R). The rest is closed at end of day at around the same level. A good gainer on a market down day.
SRX (gap down)
First candle is weak then we have choppy action along the OR. The 6th is a NR7 which closes below the OR and I was thinking about it as a trigger. However the distance from the ema put me off. As it turned out it would have been ok. We retrace after the 8th candle back up to the OR, but are not able to close above it. The 13th is NR7 and closes below the ema and also closes weak itself. This was the trigger I chose.
Entry: 23.78 Stop: 24.01
Fib Ext: 22.81
1R=23.55 2R=23.32 3R= 23.09
I took partial profits at 2R and left rest to run where it closed at breakeven.
CHL (gap down)
After gap down and red first candle we move up and test the previous day's low as resistance. Then we trend down the ema and break out of the OR on the 8th. The 9th is a red hanging man and stays below the OR. This was the trigger for a short.
Entry: 84.72 Stop: 85.23
Fib Ext: 83.98
1R=84.21 2R=83.70 3R=83.19
Price action didn't really inspire confidence after entry and we were almost stopped out. But it never closed inside the OR, so no reason to close the position at this point. Later in the day it falls heavily. We take partial at Fib Ext and close rest at end of day. Overall a nice trade.
PTR (gap down)
This was a trade I didn't take. The pattern was there for a breakout of the OR but the stop was quite wide and trading highly priced stocks for some reason always make me wary. As it turns out, it would have been a good gainer. Not sure though whether the 17th candle is just a spike or would have stopped us out.
7 comments:
TraderAm,
The "spike" in PTR was just a bad print. I was short at the time and had a stop in place that would have been executed otherwise. I closed the position late in the day just under 145.
Also, notice the nice trap set by the gap on the PTR daily.
beautiful patience on SRX. nice work.
nice trades. Couple of questions: I noticed with SRX that price didn't break the low of your entry candle on the next bar. Obviously you decided to wait but do you often keep your order in place even it if isn't executed in the proceeding bar?
Also, where did you place your stop for CHL? Not sure if I even asked this question before about your stops. I just assumed it was the opposite side of the entry bar. Reason I ask is because it looks like price spiked above the high of your entry bar and the ORL.
Thanks for the helpful info.
jim...
nice trade, good research
oonr7.
SRX > It all depends on the next bar. In this case the next bar was a NR7 and a trigger in its own right. So I just left my order in.
If it had been strong green and/or close up into OR for example, then I would probably have pulled my order.
CHL > Normally I place my stop at opposite end of entry bar. But in cases where I am entering below the OR and close to it then I use the OR as my stop basis. And normally give around 4/5c leeway as usual. The 11th candle was in fact within a couple of cents from stopping me out, so maybe a bit lucky on that one.
I found this approach of setting stops gave better results while I was paper trading this strategy.
great feedback (wasn't sure I pressed submit the first time).
thx qqqball
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