ABX,AEM,AGU,ASML,AZN,BHP,BP,GG,HANS,HK,IVZ,
JRCC,KGC,KLAC,NEM,PAAS,PWE,SAI,SAY,TOT
Maybe a bit lucky today on the one trade I did execute, but then again I was maybe unlucky on one I didn't.
KLAC (gap down)
First candle weak is followed by sideways action as we confirm the previous day's low as resistance. The 7th is weak red which breaks the OR and also is off the ema closing weak. This is our short trigger.
Entry: 32.46 Stop:32.82
Fib Ext: 31.04
1R=32.10 2R=31.74 3R=31.38
Candle after trigger remains below OR so we keep our order in. It is filled on the next. After that it does get choppy. I had to leave from work after the 12 candle so I let my position run with stop in place. The 13th candle closes back inside OR, so if I had been watching I would probably have closed it there. As it was it didn't quite reach my stop and then fell later in the day. I closed my position towards the end of the day for around 1R gain.
I did have a long trigger on GG from the 10th candle, but that never triggered so I cancelled my order. The 12th candle though was a good entry, but as I was not watching at the time it wasn't traded. Easy to say in hindsight, but I probably would have traded it.
So just the one trade today. Maybe bit lucky to stay in, but unlucky to miss out on another. So I'll take the 1R gain and we'll see what the market does tomorrow.
3 comments:
Would BHP on the 13th bar fit your criteria for an entry? Generally do you only close out of a position if it closes inside the OR?
Hello chartguy.
BHP > yes 13th was a nice entry.
Yes generally if my entry is OR based then once the price closes back inside the OR I tend to close it.
Thanks.
One needs a lot of luck to win at this art!
I would like to stop by again. Just wondering what the lehman brothers bang really means? Is it really a shift in paradigm and the beginning of something new??
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