ADM, AEO,AMLN,CCE,CNX,DAR,DCI,DLTR,DRYS,DSX,EXM,FFIV, FTO,GNK,HANS,HERO,JBHT,KEY,LVS,NVDA,PENN,PGR,RCL,RL, SAP,SNDA,SOLF,STP,TBSI,UPS
KEY (gap down)
A weak first candle is followed by choppy action along the OR low. The 8th is a gravestone doji type candle off the ema and closing below the OR. This is our short trigger.
Entry: 19.62 Stop: 19.89
Fib Ext: 18.83
1R= 19.35 2R=19.08 3R=18.81
We fall nicely after entry and pass 1R. But there is no follow thru and we are stopped out for breakeven towards the end of the day.
HERO (gap down)
After the gap down, the stock trends down with the ema towards the OR low. the 4th , 5th and 6th candles are all weak. The 6th is off the ema and breaks out of OR and closes weak. This is our short trigger.
Entry: 33.34 Stop: 33.68
Fib Ext: 32.77
1R=33.00 2R=32.66 3R=32.32
We fall after entry but there is no follow thru and we are stopped out for loss as the 10th candle closes back inside OR.
AEO (gap up)
Strong first candle is followed by choppy action at OR. The 5th breaks the OR and is close to the ema as well as closing strong. This is our long trigger.
Entry: 18.79 Stop: 18.43
Fib Ext: 19.09
1R=19.15 2R=19.51 3R=19.87
Again we haveno follow thru and although we fall back, there is no close back inside the OR, so we don't close our position. We close our position at the end of day for a breakeven trade.
Overall a tough day.
5 comments:
Do you check briefing.com gap up/down list?
They had SPW listed which had a beautiful 11:15 bar. Looks like you missed it on your scan because of the volume parameter.
For KEY, why did you pass on the 11:00 NR7 that closes right below the ORL?
Good thing you did as you would have been stopped out the next bar.
I also noticed on your chart that the bar I was referring to was not marked as NR7. I was wondering if you have it wrong, or do I? Should a NR7 be the narrowest bar out of the last 7.. aka there should be 6 bars preceding it that are wider. Or should it be 7 bars preceding it?
I don't check Briefing.com
The 11:00 bar was bit far from ema for my liking. In any case, the next bar would not have triggered a position.
As I understand it, a NR7 is the narrowest range bar of the last 7. So yes maybe I have my QT paintbar incorrect on that chart. I'll check it out.
TR: I concur, a tough day indeed. I traded ITU on b/o 8th bar (closed strong & bounce-off 5ema). The stock moved to 1R (about $.12, and also near fib), I then moved my stop to B/E but was stopped out. It subsequently ran to the moon. Bummer!
Ralph
ralph.
Good catch on ITU in terms of the pattern entry. I would have done exactly the same thing.
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