AAUK,CNX,CTSH,EQY,ERTS,FFIV,QLGC,HOT,INFY,JNPR,JRCC,
MRX,MS,NE,OFC,PX,STP,VRTX,WFR
A rubbish day today. Very choppy and my watchlist was very small again. Only one trade to report on and that itself wasn't really that good a pattern.
CTSH (gap down)
First candle not ideal. We trend up but then hit ema and the 6th is NR7 doji potential reversal point and is our trigger candle for a short. Not an ideal entry candle and so a higher risk trade. If I had other positions open and/or better entry points then I probably would not have taken this at all.
Entry: 24.26 Stop: 24.80
Fib Ext: 22.04
1R=23.72 2R=23.18 3R=22.64
We drop nicely after entry, but then after that it is just a slow grind and goes nowhere fast. Chop, chop and chopped some more for the rest of the day. I closed at end of day at around 1R so a bit better than I thought I would get and it all adds up.
We'll see what the market does tomorrow.
4 comments:
TR: Thanks for lengthy response on prior post. Will try to digest. Meanwhile back at the ranch, do you think PXD 6th bar b/o was a good trade? Thanks, Ralph
VRTX SQNM FNM FRE?
rudy / ralph ??
PXD > not a great scenario. The 6th bar could have closed stronger. But also the stop is quite wide which means that 1R is less than the Fib Ext. And also you have the added factor of the $60 level which is likely to be a stumbling block.
Thanks.
bl..
FNM,FRE are low value stocks > I don't trade anything below $15.
SQNM > yes agree is a good setup, I made the mistake of not wathcing it as it had gapped up more than 20%.
VRTX > couldn't really see a good enough entry on the 15min chart.
thanks.
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