Two trades today, and one other chart to look at.
SOLF (gap up)
First candle climbs past the previous day high and the 2nd candle holds this. We then have choppy sideways consolidation at the highs until finding the ema as support. The 9th is bullish NR7 off the ema and closes strong itself. This is our long trigger.
Entry: 17.40 Stop: 17.20
Fib Ext: 17.46
1R=17.60 2R=17.80 3R=18.00
Price climbs strongly after entry and we take partial at 2R. I was hoping for more later. However, later in the day it got very volatile and came back to stop us out of the rest for breakeven.
CVLT (gap up)
First candle is green and 2nd breaks out of OR. We then have sideways action along the OR high for several candles. This OR high (also at the whole number $16.00) holds very well during this sideways consolidation. The 10th is bullish green which bounces off OR and closes strong itself. This is our trigger for a long. The 11th is also strong and a trigger in its own right.
Entry: 16.19 Stop: 15.93
Fib Ext: 17.01
1R= 16.45 2R= 16.71 3R= 16.97
The price climbs gently after entry and we take partial profits at 2R. The rest is stopped out at breakeven as the stock weakens late in the day.
SNE (gap up)
This is one I didn't trade. But it does show an orderly pullback to the ema. The swing low formed is well above the OR high. The 9th is bullish and closes strong. The 10th is NR7 and NR3 and also close strong. Either of these could have been good triggers. I'm still a bit wary of trading these pullbacks since I can't develop any consistency with them, but this one would have worked out very well.
8 comments:
TraderAm,
I was wondering if you could comment on CVLT, 12:00pm (15min timeframe) hammer as a trigger.
pdt..
Done..
Thanks for the commentary.
I've noticed you generally wait till a break of some level (ORH usually) then you wait for a nice trigger bar to develop.
Would you still have used the 10th bar on CVLT as a trigger if it dipped a little below $16.00?
pdt.
Yes, if it dipped below 16:00, as long as it closed strong, I would still consider it as a trigger.
I see, because it has already been consolidating for sometime already above $16.00, a slight breach of that level wouldn't discourage you.
SNE 5/30 at 5ema. 10/15. both fib.5 retracements
TR: isn't SOLF a pullback that is far from OR high, similar to SNE? Why then did you choose SOLF over SNE? Thanks, Ralph
ralph
Yes you are right they are both pullbacks. But SOLF is more of a sideways pullbak into a consolidation and the entry is near the current daily high. For SNE you would be entering at a deeper pullback to 50% (as bl pointed out)and no sideways consolidation.
They both worked out fine as trades...so what do I know ..lol
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