Monday, 26 January 2009

Trades 26/Jan/2009

Initial Watchlist:
ACV,AEM,APOL,AU,BHI,BP,BVN,CAT,CRXL,DGX,DHR,DIS,ESI,
ESV,FCX,GG,GNK,GSK,HAL,HBC,NE,NXY,ORLY,PFE,PNC,TOT

TOT (gap up)

Bullish action after the gap open as we consolidate above the OR and gain support at ema. The 6th is bullish pullback to ema. It is an inside bar, a NR3 and also closes strong. In addition the $50 level is holding as support for previous candles. This is our long trigger. It does however not follow thru much and just chops around sideways. Took partial at 1R towards end of day and the rest is closed at breakeven. (I had a problem with my excel trading spreadsheet, which meant I missed entry on 7th bar. It was only when I checked IB that I found it hadn't filled. I had another look at the chart and then entered the order manually into IB a few candles later).

PFE (gap down)

Weak initial price action as we fall thru OR on 3rd bar. We then have a shallow pullback to the ema but cannot close back inside OR. The 9th is 2nd successive NR7 and is off the ema and OR confirming them as resistance. This is our short trigger. We fall nicely after entry and then after a brief pullback reach the Fib Ext later in the session. We take partial here (which is also 2R) and then the rest is closed towards end of day at 1R.

NE (gap up)

Bullish first is followed by sideways consolidation as we gain support of the ema. The price remains in upper region of the OR which is a bullish sign. The 10th bounces off OR,ema and closes strong. This is our long trigger. It looked good initially as we got to the whole number near 1R. I was going to take partial here, but the chart looked strong, so I left it to run and just moved stop to breakeven. The next few candles were very weak and we were stopped out for a breakeven trade.

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


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

5 comments:

QQQBall said...

beautiful entries on NE & PFE.

TL said...

Entered long on NE on 6th bar too. Had high hope after seeing 10 & 11th bar but was stopped out later. That sucks.

TL

OONR7 said...

smart trader. You rarely enter trades that don't go at least 1R your way first.

TraderAm said...

thanks qqq.

TL. > Yes I was pretty sure that NE would go on a run as well.

00nR7> Thanks, but it just seems that way at the moment :-) I'm sure there will be many trades this year which don't.

Anonymous said...

I also took NE - twice.
1st time just as TL did, I took an aggressive entry off the 6th candle, but stopped out at entry after it went 1R.
My 2nd trade was just the same as yours.
Sux indeed.