ACH,BUCY,CAG,CLNE,COST,CPS,DRYS,EXM,FRX,GLW,IM, JOYG,LLTC,MFE,PKG,RIO,SNDA,TIN,TWX,VRTX,WFR
Ok today in terms of a small profit, but get the feeling that maybe should have done better after looking at the charts at end of the day.
LLTC (gap down)
Weak first, we then test OR low and come back inside OR. The 4th comes off ema and starts downtrend. The 6th is weak red which breaks the OR off the ema and closes weak, this is our short trigger.
Entry: 31.28 Stop: 31.53
Fib Ext: 30.74
1R=31.03 2R=30.78 3R=30.53
The price trends down nicely after entry and we take partial at just before 2R as the Fib Ext is nearby. The rest is left to run and is closed at end of day for around 1R.
SNDA (gap up)
Strong first candle, we then break the OR and stay above it as we trend up. The 5th is NR3 pullback towards the ema and is our long trigger. (perhaps in hindsight not the best).
Entry: 29.12 Stop: 28.65
Fib Ext: 29.61
1R=29.59 2R=30.06 3R=30.53
The candle after entry is promising, but there is no follow thru and we are stopped out for a loss.
I did have an entry for FCX, but it never triggered. As mentioned above, looking at the charts again, JOYG, BUCY and WFR were big moves, and maybe I should have been able to see an entry. That's the way it goes sometimes.
4 comments:
On your LLTC trade, your trigger was a break of the 6th bar, 4 cents below the low at 31.28. The low of the 6th bar was not broken until the 9th bar. The high of the 6th bar was even broken during the 7th bar. You keep your order in even if the break does not occur during the next bar ?
Just wondering what you thought of the following setups:
JOYG 7th bar, inverted hammer off ema and NR7.
DRYS 6th bar, broke OR off 5EMA and closed weak.
greytrader.
Yes I keep the order in as long as the subsequent bars IMo are still in my favour. The 7th and 8th bars were bearish in my view. And both could be considered as triggers.
chartguy.
JOYG > I certainly wish I had taken it :-) But at the time, my thinking was that it's inside the OR so higher risk. Hence I thought I would wait to see if it gave me another entry. Unfortunately it didn't and dropped with red WRBs.
DRYS > I really can't argue with that entry. All I can say is that I missed it. Hope you traded it.
Thanks.
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