Tuesday, 11 November 2008

Trades 11/Nov/2008

Initial Watchlist:
ABX,AMX,AMZN,AXP,BBY,BP,BTU,COP,DE,FCX,GG,HAL,KSS,
MOS,NOV,PBR,POT,PRU,TGT,TIF,TJX,TYC,VOD,WYNN,X

MOS (gap down)


Inital weakness after first candle is followed by pullback into the OR. We then come off the ema and break the OR again. This price action coupled with market downturn is our short trigger.

Entry: 33.88 Stop:34.50
Fib Ext: 31.65
1R=33.26 2R=32.64 3R=32.04

The initial price action is promising, but that is as far as it goes. The stock recovers and we are stopped out for a loss.

BP (gap down)


Inital weakness after first candle is followed by OR breakout on 2nd. The 3rd tries to regain the OR but is not strong enough. This price action coupled with market downturn is our short trigger.

Entry: 46.51 Stop:46.85
Fib Ext: 45.56
1R=46.17 2R=45.83 3R=45.49

The initial price action is promising, as we take partial at 1R, but that is as far as it goes. The stock recovers and we are stopped out of the rest for breakeven.

Just the two trades today.

2 comments:

Anonymous said...

Traderam,

How do you use fib. extensions in your trading?

I see you use MA's, Candlesticks, S/R, fib. lines in your trading. What other indicators do you use in your trading?

Thanks

TraderAm said...

anon.

Fib Ext used as target to take partial profits. And also to judge risk/reward.

No other indicators on stocks. I use overbought and oversold cycles on general market to time my entries with market direction.

Thanks