DY,ACGY,TSL,SLM,PBR,KEG,TRN,TWC,VIP,STP,LDK
INTU,ADI,RRGB,ENS,UBS,VRTX,AZ,CCL,CRZO,MCO
UBS (gap down)
After the 1st candle we break below the OR and trend sideways before bouncing back into the OR on 8th candle. This is offset by the next which breaks back below the oR again.
The 11th is a full marezebo which breaks out of the OR and closes below the oR. This is the trigger for a short.
Entry: 29.62 Stop: 29.78
Fib Ext: 29.29
1R=29.46 2R=29.30 3R=29.14
Took partial at the Fib Ext (which was 2R) then rest was closed at end of day.
Overall, I couldn't really find much to trade today from my list.
7 comments:
In terms of the first candle having a wick, do you find it works as long as its in the direction of the gap? i.e. a long upper wick for a gap down and a long lower tail for a gap up.
Its been hard finding nice setups lately.
I didn't trade it, but what are your thoughts on the 11:30 candle on TOT? Too much of an upper wick?
chartguy > Interesting question. To be honest, I haven't done any research on that in terms of checking via backtesting. But I do take notice of the stock more if the tail/wick is in favour of gap.
pdt > Yes agree that it's just a green candle. Not enough for to consider it as a trigger.
pdt,
In TOT, the 11:40 bar on the 5m was a great bar to trade against. This happens to be the last 5m interval within the 11:30 15m bar.
PDT here is my thinking on TOT:
B/O of OR on a bar that closed strong, but it was (1) extended from 5ema. So I must (2) wait for the inevitable pullback to 5ema, and (3) watch to see if it will fail the b/o.
The (1) strong OR bar b/o, the (2) long bot tail that bounced-off 5ema and OR high, plus the (3) Flag-like consolidation formation, is in my opinion a convergence of factors that favor higher prices.
Nevertheless, I must agree with TR, had the bar closed stronger it would have made for an even better set-up.
Just my 2 cents, Ralph
PDT here is my thinking on TOT:
B/O of OR on a bar that closed strong, but it was (1) extended from 5ema. So I must (2) wait for the inevitable pullback to 5ema, and (3) watch to see if it will fail the b/o.
The (1) strong OR bar b/o, the (2) long bot tail that bounced-off 5ema and OR high, plus the (3) Flag-like consolidation formation, is in my opinion a convergence of factors that favor higher prices.
Nevertheless, I must agree with TR, had the bar closed stronger it would have made for an even better set-up.
Just my 2 cents, Ralph
Ralph, thanks for the 2 cents. I need all the pointers I can get.
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