AEO,AMZN,AZN,BCE,CPB,CSIQ,DSX,DV,EXM,HLF,ISIL,JASO,LDK, LOW,LYG,MBT,MTW,NVS,PKG,SIGM,SOLF,TRMA,TSL,TXN,VIP,ZOLT
ISIL (gap up)
After gap up, we have 3 strong candles before a pullback towards the ema. The 6th is a strong hammer like candle off the ema and closing strong. The 7th is a hanging man doji off the ema and confirming the strength of the previous candle. This is our long trigger.
Entry: 29.23 Stop: 29.04
Fib Ext: 29.23
1R= 29.42 2R=29.61 3R=29.80
Since we are already at the Fib Ext, we take partial profits at 3R as it is approaching the decade $30 level. The remainder is stopped out at breakeven.
SOLF (gap up)
The first candle is strong. We then have choppy action along the OR with numerous attempts to close above it. Finally the 10th is hammer like green which is off the ema and breaks thru the OR while closing strong itself. This is our long trigger.
Entry: 26.52 Stop: 26.02
Fib Ext: 29.14
1R= 27.02 2R=27.52 3R= 28.02
The OR holds over the next few candles then we have a nice rise as the stock gains momentum.
We take partial at a $1 gain which is also the 2R. Then leave the rest to run. This is stopped out at breakeven as the stock falls late in the day.
Overall a decent day. From the watchlist, AMZN and LDK were the big movers and would have yielded good rewards for pullback/retracement trades.
8 comments:
Nice trades today. The ISIL trade looks almost exactly like the MBT trade I took today.
I actually used the 10:45 green candle as my trigger but wasn't filled to 2 bars later. You can notice that the next bar (11:00am) is exactly like your trigger bar (both NR7 and red).
Do you find that it makes a difference if your trigger bar is red like in this instance? Or because its so small and doji-like it really doesn't matter?
pdt.
Nice trade on MBT. The 10:45 green candle had a nice bounce off the OR and also added support from whole number ($84.00). Must admit I missed this during my session.
In hindsight I would have used the 11:00am candle as my trigger.
If candle is small and doji like and has enough going for it in terms of previous price action and where it occurs and IB or NR bar, then I don't mind if it's red or green.
Thanks
TA,
Yes, I liked how the 10:45 candle tested the 5ema but the 11:00 candle would have been a tighter stop offering a greater return.
Didn't even notice but not only is the 11:00 candle NR7 it is also an inside bar.
have you looked at the net imapct of holding the last portion for BE stop?
beautiful set-up today.
TR: couple ques:
SAP 8th bar b/o. Closed strong as it retraced to 5ema. Good entry?
XTO: 6th bar b/o. NR7 IB closed strong after OR b/o, but did not touch 5ema. Extended? Good entry?
TOT: 8th bar b/o. Looks like just a green bar with upper wick.
Thanks, Ralph
qqqball.
Yes, when I was paper trading I did a comparison. Overall the profits were better if I held until the end of the day.
On a day like today, if we get a big market reversal into the close then it would have been better to get out earlier. It depends also on what you are comfortable with.
For me, I would have booked some gains (hopefully), so if it comes back and stops me out, then that's fine. On other days, after a pullback, it will move strongly in my favour into the close.
ralph.
SAP > Yes agrre with your comments. Also possible entry on third bar as trigger.
XTO > 6th bar is a bit away from ema but it did hold the OR. The upper tails on 2nd and 4th would have also made me wary. I would have been more comforatble if the the 5th breakout bar had closed strongly. So to be honest I'm not sure if I would have traded it in in the live situation, depending on what else I had on at the time etc. You could have subsequently traded the 11th bar as a trigger for a decent profit.
TOT > 8th bar is just a normal grren candle. I wouldn't have traded it.
Thanks..
P.S> How's the trading going generally ?
TR: Thanks for feedback.
As for my trading, while I am disciplined about keeping losses small, I am still struggling to stay profitable on a weekly basis. Nevertheless, I am getting better at the art of pattern recognition and profit taking, thanks in large part to your thoughtful mentoring and daily blog posts.
Thanks again, Ralph
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