1.) What did I see?
This is a beautiful set-up...admire it in all it's glory. A gap up and pullback (first three bars) to the retracement zone from the previous day's low to the opening range high. Strength comes into the fourth bar, and the fifth bar forms a perfect hammer on top of the retracement zone. It is also a narrow range bar.
2.) What is the entry?
A break of the fifth bar high.
3.) What is the exit?
1/2 closed after $1 gain, the other 1/2 closed at the end of the day.
Notes - was my support the kiss of death for the Astros? Who knows - they tend to do things the hard way so it is not out of the question that they could knock down three wins in a row and send it back to Chicago.
3 comments:
Hi X:
I know this is trade is awhile back. I am wondering why u did not take the trade after the second candle i.e. go short on the low of the 2nd candle. The 1st candle is bearish (long upper tail), 2nd candle is doji like (indecision. I can see the logic of the trade you took, however i am wondering why you passed off on the short opportunity at candle 2.
Thanks
DEM
You would have been shorting above the retracement zone (RZ) based on how the Fibonacci lines were plotted. That means you would have been shorting above solid support levels, and it would have been a very low-probability trade.
Thanks! Much appreciated. It's amazing, i am going through all your 30 mins charts. These patterns still work.
DEM
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