ABX,AEM,APC,BAC,BHP,COH,COST,FCX,GE,GG,JPM,
KGC,MOS,MT,OXY,PBR,PHG,POT,USB,UTL,WFC
A good day today. The market was choppy early on, but I managed to catch the big move later in the day. Five trades in all for an overall gain of +3R.
BP (gap up)
First candle was bullish as was second. We then have some consolidation on 3rd candle. I went long on breakout as the market turned up.
Entry: 48.22 Stop:47.84
1R=48.60 2R=48.98 3R=49.36
We get to 1R to take partial and then rest is stopped at breakeven on a reversal. (Net : +0.5R)
PBR (gap up)
Initial price action was bullish as it was strong relative to the market. I went long on breakout as the market turned up on the 3rd candle.
Entry: 23.95 Stop:23.50
1R=24.40 2R=24.85 3R=25.30
We get to 1R to take partial and then rest is stopped at breakeven on a reversal. (Net : +0.5R)
WFC (gap down)
First candle was weak and we drop thru previous day's low on the 2nd. We then turn back up to the ema. After that it is choppy sideways action. But there is never any conviction to hold the previous day's low as support. The 10th and 11th are successive weak candles rejecting the previous day's low. This was our trigger for short.
Entry: 27.17 Stop:27.50
Fib Ext: 26.83
1R=26.84 2R=26.51 3R=26.18
We get to whole number and take partial as near to 1R and Fib region then leave the rest to run. The stock then trends down with the market in the last session and we close towards the end of day for around 3.5R. Overall net +2R.
I also traded MON and COF in last hour as they were weak and the market was selling off. Made 1R in Mon but exited too quickly from COF for -1R.
---- Trades --------------------------------
2 comments:
a good, solid day. Not the scarefest that happened with me :)
wfc was a beautiful setup. I mistakenly drew the fib. lines to the low of the 3rd bar (:15). After looking at the :05 chart I see that the true pivot was the :15 ORL.
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