Friday, 13 November 2009

Trades 13/Nov/2009

DIS (gap up)

Steady rise after gap up then weakening price action with upper tails. The 7th is 2nd successive NR7 and is our short trigger for gap fade setup. Since the $30 was below and market was up on the day, I decided to just go for 1R on this trade. So closed out at 1R.

No other trades for me today. There were a few other setups, but I haven't been doing so well lately and Friday's I seem to find more difficult so I talked myself out of them. A couple of trades (NTRS and ANF) would have turned out well. Hope you did ok daytrading and have a good weekend.

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


7 comments:

Alex said...

Hi TraderAM! Can you explain more about your trade in DISH? I think that is not your strategy at all to take strong stocks for short. Am I right? Alex

niki said...

i trade DIS for long 3 bar ,diden work (breakeven)

TraderAm said...

Alex > A gap fade setup is one which I am working on and still researching and backtesting (as I mentioned a few days ago).

But mainly > A move up and the price action running out of steam E.g. Upper tails, reached Fib Ext, bearish candle pattern. General market showing signs of weakness.
(And the opposite for longs).

As you say it is not part of my original core strategy, but I want to be able to trade both sides of the gap. Looking back at my charts over past year or so has showed me that it is a profitable play.

Thanks

Shalev said...

Hello TraderAM,
I would like to ask what chart software do you use?
I searched the blog to see if there is some previous post about it and could not find any.

Another question, Is there a resource that you recommend for young trader(less then 1 year) to learn about using Fib?

Thank you for sharing your knowledge and experience, it is very much appreciated.

Shalev Yanay

TraderAm said...

Shalev > Charting Software is Quotetracker.

Fib Ext : just google it. Loads of info. One example is http://www.investopedia.com/terms/f/fibonacciextensions.asp

Shalev said...

Thank you,
Do you use SpiderScanner or any other scanners?

Shalev

TraderAm said...

See My Setup link on right hand side. All the information about scanners is contained in there.