AGU,ANR,APC,BP,DVN,ECA,EXC,HAL,HRL,MDR,MET,MMC,
MOS,MT,NOV,PRU,PTV,TOT,WFT
EXC (gap down)
Slightly different setup which I have been working on. A gap down and weak price action even though it is within prev day's range.
After red first, we have a brief pullback with narrowing candles. The 4th is a hammer like red off the ema and NR7. This is our trigger for a short. The exact entry time was based on general market weakness rather than a specific break of the 4th bar low.
Entry: 52.60 Stop: 53.00
Fib Ext: 49.62
1R=52.20 2R=51.80 3R=51.40
We fall nicely after entry and take partial at 2R. The rest of the trade is left to run, but we trail our stop at 2R. This is taken out a few bars later as the stock recovers strongly.
Didn't have time to watch the market later so missed the big rally. Overall just the one trade, but it was a nice 2R gain, which is ok.
2 comments:
AM,
Great trade! I would have been freaking out after the entry when it went against you and almost took out your stop. That was close call, but way to hang in there.
Nice profit! I am glad to see you are doing well.
Tyler
Thanks Tyler.
Good trades by you as well. Saw your blog.
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