AKS, BCE,BHP,BP,CAG,CHK,CLF,CLR,CPB,DVN,EP,ETP,HK,HRB,
LVS,MYGN,NVS,PCLN,SID,SWY,SYY,TRA,TS,UBS,VOD,WFMI,XCO
Couldn't really find much to trade today, so just one chart to display.
BP (Gap up)
Bullish first candle is followed by some choppy action. However the 2nd breaks the OR and this continues to act as support for the next several candles. The 9th is a bullish hammer which confirms OR as support. It closes above the ema and closes strong itself. This is our long trigger.
Entry: 69.69 Stop:69.25
Fib Ext:70.10
1R=70.13 2R=70.57 3R=71.01
Nothing happens really. Was hoping for a retest of $70, so we could take partial at 1R, but it just drifted sideways until the close. We closed on the last candle for a minor loss.
10 comments:
Do you ever consult a daily chart to look for possible support/resistance levels before you initiate a trade?
Looks like the 200 DMA was too providing too much resistance in this case.
Cheers
I traded VOD with the same result
pdt.
I don't currently use a daily chart in my daytrading. Do you find it useful in a lot of cases ?
What is the TS trade?
Why didn't you include DNA in your watchlist? I traded it with a very good results (in fact I was a bit late with my entry, instead of taking it off the 13th candle, I traded it of the 18th)
Yes, I find it pretty useful. It has kept me out of some trades that would have proved to been losers. Better to err on the side of caution, at least for me since I'm still learning.
Daily "pivot" points can provide very strong support/resistance. Just by looking at a daily chart you can see if the fib extension is a realistic expectation for a trade then you can judge your risk/reward accordingly.
pdt.
Thanks for info. Useful.
stocksmith.
I didn't see it in my scan. Not sure why.
tl.
The TS trade was something else that I'm currently looking into. Not a TraderX trade, so I haven't commented on it.
second the use of the daily chart prior to entering trades. I generally won't take a trade if I see some sort of resistance on the daily chart in between my entry and my target. I generlaly look back about 6 months.
Am, I thought FBP would have been right up your alley, but I don't think you look at stocks in that price range.
Post a Comment