Tuesday, 7 July 2009

Trades 07/July/2009

AIG (gap down)
For some reason I can't get QT to show the chart.
It was trend down past OR then pullback with NR3. Didn't move much though and closed at end of day for minor gain.

CMCSA (fall thru prev day low)

Trend down past OR low. The 7th is second successive NR7 and closing weak. This is our short trigger. Closed at end of day for around 1R.

MCO (gap up)

Fall after gap up and finds support at the previous day high. The 5th is NR3, NR7 off prev day high and is our long trigger. Closed partial at 1R then rest came back to breakeven.

No other trades for me today. The BR trade shown below is part of swing trade, so not part of my daily stats. Hope you had a good one.


------Daily Stats ----------------------

4 comments:

Eyal said...

Hi TraderAm ...it is I :-)
Sorry for bugging you alot, but i am trying to learn how you guys do it.
what is the use of the pevious day High and low lines? (i think you mark it in red and blue).
Correct me if i am wrong but these are not the standard pivot lines that trader x is using, right? whats the difference?

TraderAm said...

Pivot Lines (I think) are calculated values. I don't use them. I have the prev day's high and low marked on the chart. I don't know much about Pivot lines..maybe othe rreaders can answer or ask the question on TraderX blog.

I only enter a trade if the price is outside the previous day's range hence the reason for the lines.

Tyler said...

Eyal,

Pivot Points are values based on the High, Low, and Close of the previous day. Price will often times react at these levels.

Here is a link to an explanation and calculation of each:

http://www.investopedia.com/articles/technical/04/041404.asp?viewed=1

Trader X uses them to judge the strength of the gap. If a stock gaps outside of R2 it may be stronger than one that has not because it doesn't have resistance above it.

Hope the link helps. Good luck with your trading.

Thanks,
Tyler

Eyal said...

thanks guys!
its been very helpfull.