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