ACI,APA,ASML,BTU,CAT,FAST,GNK,IACI,JOYG,MCHP,MHS
MMC,NOV,NUE,PCU,POM,PWR,STP,TOT,TS,VMW,VTR,WFT
A bit fustrating today, as work got in the way at the worst times. Could have, should have made a lot more profits with the market down 400 points. In the end, just one trade to blog.
STP (gap down)
After gap down, the first candle drops thru previous day's low. We move down then retrace from the 4th candle back up to test this previous day's low as resistance. We start moving down with the ema as the 6th bar breaks the OR and closes weak. The 7th is NR7 off the ema > this coupled with a downturn in the general market is our trigger for a short entry.
Entry: 18.02 Stop: 18.37
Fib Ext: 17.12
1R=17.67 2R=17.32 3R=16.97
We fall nicely after entry and trend down with the ema. We take partial at 2R as we get near to the Fib Ext and then leave the rest to run. This is closed towards end of day for a $2 gain (around 6R).
As mentioned above, I was watching others and they did present some good opportunities, but I got sidetracked by work meetings. The two main ones which spring to mind are JOYG and FAST which looked good. If you can get on the right side of the market when it moves 300+ points then staying with the trend can give very good rewards.
1 comment:
Maybe get those meeting guys into trading....
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