AAUK,ACE,ACH,AEM,AIB,ANF,ASML,BCS,HBC,LYG,MT,PTR,SKM
Not sure what is going with blogger as I can't seem to save my posts. Anyway will try again.
ANF (gap down)
First candle is weak and closes below yesterdays range. We then fall strongly in next few candles to the Fib level (grey line). The 5th is weak and closes below the Fib Ext. The 6th is gravestone doji type which also tests the Fib Ext but closes below it. This is our short trigger.
Entry: 45.11 Stop: 45.60
Fib Ext: 45.33
1R= 44.62 2R=44.13 3R= 43.64
After entry it is downhill all the way after we break the whole number at $45. We take partial at $1 gain which is also at 2R level and leave the rest to run. This is closed at end of day for 3R as we catch the last leg down.
I did have an order for short on AIB but it never triggered. Both MT and ASMl looked promising but they moved a lot on a couple of candles so the R/R wasn't worth it.
8 comments:
TR: when looking for entry, but round number is less than 1R, do you often pass on such trades? MT today is a good example. Would you've traded or pass?
Thanks, Ralph
BTW, how is the OLAP cube analysis going? Hope you can find the time to share some insights soon.
ralph.
It all depends on previous price action. If the stock is looking weak then sometimes I take a chance on a whole number. |Today for example a round number would have been a risk worth taking due to the added factor of the market being so weak.
MT specifically > The 6th candle if it had been a better entry I would definitley have taken as a short trigger. I don't really see the whole number entering into my consideration on this trade. Which candle were you thinking of ?
OLAP cube > On hold really as I have been busy at work and with some other trading related things I'm working on. I will probably be able to get the same analysis done via reports on SQL database rather than going thru the whole process of producing a cube, but we'll see.
sweet trade.
i'd be thinking good legs on a retail short or a precious metals long today. there has been alot of chatter about retailers holding up... nice trade.. traded GG, CEF & GOLD today.
Nice trading QQQball..like the GOLD chart.
TR: thanks for reply. I was also thinking of the 6th bar breakdown of $57.51. However, 1R was $.74, but the next resistant area was the whole number of $57.00. That is, $.51 and short of 1R?.
As such, can you clarify as to why you do not think the "6th candle was a good entry"?.
The only reason I see why you may not trade is that it had a wick of $.03?
Thanks, Ralph
ralph.
Ah I see what you mean.
Essentially you are saying that to get to 1R we will have to go thru a whole number. Yes that is true, but it would not have entered my thinking. In fact this scenario would happen in a lot of cases ?
If the entry is near a whole number then I would consider it, but this entry is around 57.50, so not a problem IMO.
The main reason I didn't enter the trade was that it was 3c off it's low and not a discernable pattern candle (e.g inverted hammer or such like). The stop was also a bit wide, but that is just a minor criticism.
Thx.
Took the same entry and am happy with that~
For ASMI, there was no volume and prices just "jumped" a lot. How did it make it to your WL as I recalled you have a high volume filter?
TL
TL.
Sorry that was a typo. it should read ASML.
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