ADTN,ANF,ASML,AXP,CAT,CCL,CHL,CLNE,HBC,HIBB,HRB,
JNPR,LM,PNRA,PSS,SAI,SHPGY,SID,TEX,TPP,TJX,UL,UN
Found it quite difficult today. A lot of stocks went down fast and the Fib Ext was close by a lot of times, so any trade was higher risk. Anyway two trades to blog.
TEX (gap down)
First candle weak. We then push thru the OR before finding support and regaining. The 7th crosses back thru the OR again. The 8th is NR7 which stays below the OR and is close to ema. This is our short trigger:
Entry: 38.15 Stop: 38.85
Fib Ext: 34.84
1R=37.45 2R=36.75 3R=36.05
We trend down nicely after entry and take partial at $1 gain (also close to whole number) for around 1.5R. There is no follow thru after that and we retrace up. The rest is closed at end of day for minor gain.
TPP (gap down)
After 1st candle we move up before hitting ema resistance and also the OR high resistance. The 4th is off the ema and closes weak. This is our short trigger.
Entry: 29.06 Stop: 29.40
Fib Ext: 27.48
1R=28.72 2R=28.38 3R=28.04
Nothing happens on this as we hold support at the $29 whole number. Moved stop tighter on half and then closed rest at end of day. Overall a loss of around 0.5R.
So a small profit today. They all add up which is fine. As I said above I found it difficult today, which may seem strange seeing how the DOW was down over 300 points. Maybe I should have done better. Not really sure to be honest.
4 comments:
I am sure you would have found more opportunities on a 5 min time frame today. Sometimes, you need to adjust for market dynamics. The downward movement was fast and continuous for a good chunk of the day. The 15 minute charts may have been to wide a timeframe to be looking at today.
Vic
yes ok, good comment.
nice entry on TPP.. that S.O.B could have just as easily gone your way ... at least to the ORL for a retest?
"A lot of stocks went down fast and the Fib Ext was close by a lot of times,"
Agree with anonymous: less WL, less time frame. Go premkt and set up the 20 charts on 5 min and watch after open.
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