Friday, 30 January 2009

Trades 30/Jan/2009


A nice way to end the month today.

PG (gap down)

Gap down, then trend down past OR with successive narrowing candles. The 7th is pullback off the ema and closes weak. The previous three candles had failed to close above the whole number which added weight to this setup. Closed partial at near the Fib Ext (around 1.2R) and left the rest to run. Came within a whisker of being stopped out on the retrace, but then it was all downhill as it weakened with the market. Closed the rest at end of day for just under 4R.

HEW (gap up)

Weak first as we fall with market. Then we gain support at ema. Both 3rd and 4th hold the whole number and the 4th is closing strong back inside the OR. A green hammer in fact. This is our long trigger. A bit of a hard slog this one, but the market was weak, so understandable. Closed partial at 1R as it recovered and then rest at breakeven towards end of the day.

-----Fib and R values--------------------

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


Anonymous said...

dude,u got saved by a penny again!!! twice in the same week? more than luck!

What made you chose trigger of 0.04 below the low of the candle today, 6 yesterday in LRCX and 5 in other times? Is there any kind of formula that you use?

OONR7 said...

well done with PG. Your entry is one that always seems risky to me but you seem to nail them. I would expect a retrace after a long downturn. Timed it perfectly.

TraderAm said...


No specific formula. Just based on my view at the time. Trigger is nomrally 4c. I may vary it by a few cents if whole number is near or if a previous S/R level is nearby for example.

I agree, I have been lucky a couple of times this week on retrace. But I take that risk. I am prepared to risk the 60/70c retrace (in this case) in order to get the run until the end of the day, so I like to think I deserve some luck now and again. I can name you numerous previous trades where I have given back 50/60c to market and being stopped out right at my entry and that hurts.

Hope you had a good week.

TraderAm said...


Yes, I know what you mean, but I take your advice from last year "force myself to take it even when it feels a bit uncomfortable".

That setup though had a lot of things going for it at the time. Weak stock, trend down and not recovering even when market was trying to bounce, whole number resistance. I always try to take them when multiple factors combine like that.

Have a good week next week. I'm sure things will be fine with the way you trade.