ACH,APOL,AU,BCE,CHL,CMI,CT,ELN,FMX,GDP,GNW,HRC
JCP,LKQX,MT,NOV,ONXX,SHPGY
GDP (gap up)
Strong 1st candle is followed by trend up before we start to retrace/consolidate with narrowing candles. The 6th is NR7, NR3 reasonably close to ema and closes strong itself. This is our long trigger.
Entry: 68.64 Stop: 68.12
Fib Ext: 69.08
1R=69.16 2R=69.68 3R=70.20
We move up nicely after entry and take partial at the Fib Ext just past the whole number. I closed rest of position at the decade $70 level (just below 3R).
ACH (gap down)
The 1st candle is indecisive and is followed by sideways action within the OR. The 5th breaks the OR but the 6th regains it. Then the 7th is NR7 which closes below the OR and off the ema. This was my short trigger.
Entry: 30.61 Stop: 30.81
Fib Ext: 30.02
1R=30.41 2R= 30.21 3R= 30.01
After entry we never follow thru and the stock gains support before rising to stop us out for a loss.
Overall, just two trades today. I missed an entry in UBS (4th candle) and CT looked promising but I just couldn't find an entry that I was comfortable with.
8 comments:
I have been follow your blog for a while. Very nice and informative blog.
For today, Why cpo is not on your watch list? It gapped huge.
Bu the way, I remember you use other charting service when trading, why not just use IB charting?
TR: glad GDP worked out for you.
However, the spread was huge and the NR7 bar was pretty far from ema, in my opinion.
I wanted to short UBS but the fib was too close for comfort and I was worried that it would find support. But again, it would have been a nice gainer trade.
ACH I saw the NR7 but I did not like the fact that it did not closed strong, and the prior bar was a strong hammer bar.
Nevertheless, I am glad that I was focused and did see the opportunities in real time.
Even more satisfied that you caught the trades. Ralph
TR: glad GDP worked out for you.
However, the spread was huge and the NR7 bar was pretty far from ema, in my opinion.
I wanted to short UBS but the fib was too close for comfort and I was worried that it would find support. But again, it would have been a nice gainer trade.
ACH I saw the NR7 but I did not like the fact that it did not closed strong, and the prior bar was a strong hammer bar.
Nevertheless, I am glad that I was focused and did see the opportunities in real time.
Even more satisfied that you caught the trades. Ralph
Hello
Thanks for a very informative blog. Just curious, what charting tool do you use ? Does the tool let you place trades directly with your broker ?
Anything you'd be willing to share regarding your tools of the trade will be greatly appreciated
thanks
ethan.
cpo is priced at < $15 so I wouldn't have scanned for it.
I tried IB charting last year and had some problems with it. I like QT and it is very reasonable price with good reliability.
ralph.
Thx for comments.
Regarding the closeness of the Fib Ext. I've also refused trades over the past week or so which are too close to the Fib Ext and in most cases they did follow thru and would have produced profits.
I'm still mulling over what to do on these to be honest. I may well just go back to my basics and if I see a good entry pattern then still take the trade accepting the risk that the Fib Ext is nearby.
mike.
Charting tool is QuoteTracker. My data feed is DTN-IQ. I trade with broker IB using their DDE Excel spreadsheet API to place trades.
So I don't place trades from charting application, although there is a facility to do that thru QT I think.
My Tools are nothing fancy really, just basic stuff.
Hi, I don't mean to be a bother, but cpo is > 15$, in your scan range.
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