COST (gap up)
After the gap up, stock was selling off despite the market holding it's own. Entry was on breakout of support on 5min chart. Since the previous day high was nearby, the trigger price was below that level as well. The candle marked is closing weak at it's low for the day and this is our short trigger.
Closed at 1R as it fell thru the prev day high.
HON (gap up)
Gap up stock which was trending up. The candle marked is an inside bar pullback with long tail and is our long trigger for breakout above current day's high. It got to within a couple of cents of 1R, so scaled out at breakeven, once it started reversing.
No other trades. Hope you did ok.
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5 comments:
Hi TraderAm,
You know it's very strange to see you working with 5 min' timeframe because you were my insparation to start working with 15 min' candles. Until then I worked only with 5 min'.
Don't you think that improving your original strategy with additional patterns by staying in the same timeframe, will be better idea?
Alex
WHAT A CHANGE 5 IN ??
GIDEON
Additional patterns on 15min ? ...maybe. I have looked into that, but couldn't really come up with much more than I already use which had same consisentcy in backtesting.
One obvious option is to look into a pre-market list rather than just gappers. So I may consider this.
If anyone has some suggestions, then they are most welcome.
The 5min offers more opportunities. I accept that there is more risk with using a lower timeframe, but we'll see how the experiment goes.
It's still in testing and backtesting phase with some live trading, so it is not by any means a completed change to my trading as yet.
Thanks.
Looking at your trade charts I wanted to ask do you look back at the 15 or 30 min chart to see where the bigger S/R lines are? When I trade off the 5 I always place the trade and then back off to the longer time frame to control the trade. Nice job posting your charts it good to see how others trade. Keep up the good work.
Average Jay > I look on 15min chart for how stock is behaving relative to market before any entry. But once I enter a trade on 5min, I remain in that timeframe as far as trade management goes.
Thanks.
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