Friday, 8 May 2009

Trades 08/May/2009

ADM (gap up and thru prev day high)

Uptrend along ema then OR break on the 5th candle. The 6th is NR bar off the OR low acting as support. This candle is not a particulary strong pattern candle, you may think. But IMO the previous price action was providing good evidence of strength > uptrend, the first bar upper tail being "filled" by subsequent candles and OR acting as support. It trended up nicely after entry and closed partial at 1R as we were getting near the Fib Ext. The rest was left to run and closed at end of day at whole number (for around 3.5R).

I dithered a bit on EXC due to $50 level and it passed me by. A couple of others were too close to Fib Ext, so just the one trade today.

Hope you had a good day and have a good weekend.

----Fib, RValues and Trades----


Day Tradr said...

Very nice trade TraderAM.

OONR7 said...

nice looking trend stock. Good catch.