Tuesday, 20 January 2009

Trades 20/Jan/2009

Watchlist:
BHP,BP,CCL,CNI,CNQ,COP,ECA,FRX,HMC,MET,MT,,NTRS,
POT,PRU,REP,RIMM,RL,SU,SUN,TOT,USB,V,WFC

Due to looking after my son, my time was limited today. So after a quick IB scan I chose a couple of stocks to trade. With the market closing down over 300 points, I imagine there were many charts similar to those below providing excellent shorting profits. Hence may have missed quite a few others.

SU (gap down)

A standard pullback to ema after the opening price action saw OR broken during 2nd candle. The 5th is a narrow candle which closes weak and is our short trigger. The subsequent price action is all we can ask for > trending down with the ema perfectly. Closed half at 2R then rest at end of day for around 5R.

CNI (gap down)

A standard pullback to ema after the opening price action saw OR broken during 2nd candle. The pullback tests the OR from below confirming it as resistance. The 5th is a narrow candle doji and is our short trigger. This entry was slightly more aggressive and the 7th was probably a better choice. The subsequent price action is in our favour and we close half at 2R then rest at end of day for around 3R.

------Fib and R Values -------------------

--------Trades -----------------------------

5 comments:

Anonymous said...

I also picked CNI, but traded it lousily as could be.
Well, looking at the half full glass - I was able to come up with a good pick...

Nice trades AM!!!

Z said...

wow what a day! I only managed a net 0.75r today with 3 paper trades. I was curious, how many years total have you been studying the stock market?

TraderAm said...

Thanks fir3ant.

Z.
Involved in US market for around 5 years. Some of those years have been sporadic trading after courses etc. But for seriously studying the market and setting up a definitive trading plan > probably around 2 years.

Josh said...

Both SU and CNI were pullback to ema and OR. None penetrated OR. If they had re-entered OR, close below EMA, and broke-down OR low again, would you have still traded?

TraderAm said...

Josh > depends on 'how' they broke back down the OR again. If price action was weak then maybe yes.