AKAM,ANN,BCE,BHP,CPN,DKS,EAC,ERIC,FFIV,FLIR,FLO,FTO,GME, HUGH,MAN,MCO,MPWR,MYGN,NTAP,PDCO,PLCE,RHI,RVBD,SOLF, SSP,STO,TBSI,UA,VOD
VOD (gap up)
After gap up, the price consolidated sideways for several candles. The 6th is bullish candle breaking out of OR and closing strong off the ema. This was out trigger.
Entry: 32.60 Stop: 32.35
Fib Ext: 33.07
1R= 32.85 2R=33.10 3R=33.35
The candle after entry showed some promise. But then the next dashed all our hopes as it closed very weak and stopped us out for a loss.
DKS (gap down)
After gap down, we break out of the OR on the 2nd candle. The 4th bounces back in before we start trending down on next two candles. The 6th is a weak candle which confirms the OR as resistance and closes weak itself. This is our short trigger.
Entry: 21.61 Stop: 22.11
Fib Ext: 20.00
1R=21.11 2R=20.61 3R=20.11
We fall nicely after entry and the trend down looks promising as we reach 1R. However, we don't really follow thru and we are stopped out at breakeven towards the close.
HUGH (gap down)
After the gap down, we have a gravestone doji on 2nd and then a bit of a wild candle on the 3rd. The price then settles down and we retrace up towards the OR. Notice how candles 10, 11 and 12 try to regain the OR but fail. We then have successive NR7 candles off the ema. The 14th also closes weak and is our trigger.
Entry: 48.81 Stop: 49.05
Fib Ext: 47.33
1R= 48.57 2R=48.33 3R=48.09
We fall nicely after entry and take partial at 2R. The rest is left to run and we close at the end of day for a nice gain.
5 comments:
I also took DKS when you did, but since it continued to contract in the following candles, I nearly tripled my number of shares on the NRB (3 candles after the original entry - a $0.09 candle. With that, I was able to take nice gains with a quick 2R and even more on the trade.
Nice posts. Once again Ill mention that I like the fact you post some of your losers as well as your winners.
I found there was not much follow through on shorts today.
For HUGH how tight was your stop because I see that the next candle went a little higher that your trigger bar? I also like how that was a 2nd inside NR7 bar. That trade must have been $$$$!
Can you comment on JTX 11:30 and 11:45 candles. I waited till the 11:45 bar but I was wondering your thoughts on the first one (it left a tiny lower wick, but it did test the downsloping 5ema). Like your first two trades, there was not that much follow through.
stockhunter > do you normally add to your position on further narrowing candles ? And what is your stop on the new positions ?
pdt..
I am currently posting all my trades I take.
The blog acts as my journal, so I can review back the trades (especially the losers) to see if there is any pattern developing. This may be able to help with reducing these losses in the future.
HUGH > In this case I used the OR low as the basis for my stop, not the entry candle.
JTX > IMO you could make a case for 8th, 9th and 10th being valid trigger candles. The 8th is NR7 which breaks the OR and is off the ema. The 9th confirms the OR and is off the ema. The 10th is 3rd successive NR7 and closes weak and off the ema. Yes I agree that the 8th and 9th had lower wicks, but they also had longer upper wicks off the ema which is a good sign.
I wouldn't have had it on my watchlist since first candle is <150k volume. But still a good call on the chart pattern and trigger.
TAM, no, i don't normally do this. But in this case I've decided to do so becase I thought it was a better setup than the original one and mkt's trend was supporting.
My stop was just over the 9th candle's high (since our original trigger candle was 0.37 long and the 9th candle was only 0.09 I was able to increase my position while keeping the same $ amount of risk). I think that it is very rare for such thing to happen, but need to go over my trades and check.
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