AEM,AU,BOOM,BYI,CFX,DTSI,ENER,FOSL,FWLT,GG,GIGM,GTI,HPQ,LDK, MHO,NAT,NLY,NTT,NUAN,OC,PPC,REP,SOLF,STV,WRNC,ZMH
Not an easy day today, struggled to find entries I was comfortable with. In the end I just traded the one stock. Chart below.
GTI (gap up)
After gap up we have a retracement before recovering and breaking out of OR on 4th candle. Next we have some choppy candles before the 7th. This is bullish and bounces off the OR confirming it as support and also off the ema and closes strong itself. This is our trigger.
Entry: 23.40 Stop: 23.10
Fib Ext: 23.64
1R=23.70 2R= 24.00 3R=24.30
The price moves nicely up and we take partial at Fib Ext (around 1R) and leave the rest to run. This is closed at end of day. Overall a gainer of around 1.5R.
FWLT and GIGM were decent gainers, but I couldn't get an entry I was happy with.
9 comments:
I saw GIGM pass me by too.
What do you think for FWLT using the 11:30 spinning top as a trigger bar? The 5ema was acting as good support the here and the last 2 bars.
OORN7 had a trade on CA. Look at the 11:15 bar. Tell me how ridiculous of setup that is. 3NR7's, all on declining volume, all inside each other and the last one is a Marabozu. And of course the 5ema was right there too!
as per ANN question yesterday- why didnt you take the 5th bar entry- traded above bar that broke OR?
pdt.
FWLT > In the past I have had inconsistent results with spinning tops as triggers so I don't tend to trade them that much. Instead I prefer candles which are NR7, IB or close strong/weak etc. Having said all of that, I think you have made good call there for the 9th candle. Especially since the previous 4 candles have all held the OR and have also held the whole number $73.00 and ema is there as well. To be honest I just didn't spot all of that in live situation.
CA > yes an excellent pattern. Shame I didn't have it in my watchlist today :-)
Thanks for the useful comments.
anon.
I assume you are referring to taking a trade on the 5th bar after it broke the 4th bar high ?
I don't see the 4th bar as a trigger. It's just a green candle which has broken the OR. It's not a hammer or long tail or NR7 etc.
PDT, I didn't use the spinning top, instead I used the hammer type bar (#7 / 15 min) which was a NR7 bar.
I posted the trade on my blog.
http://tradermd.blogspot.com
thx trader m.d
I didn't have the 7th as a NR7 on my charts. The hammer like candle was red which would have made me a bit wary. But good trade, worked out very well.
TR: anyone particular reasons you choose not to trade HPQ?
ralph.
Which candle were you thinking of ?
TR:11th candle, liked the upper tail rejecting OR and 5ema, and closed strong. Also NR7 type. However, the negative was the tight, tiny bars = whipsaw?
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