Welcome to the Trader-X blog!

> TRADEthemove.com - my thoughts
> meditationSHIFT (formerly "tad")- just say "om"

Thursday, October 13, 2005

LRCX - 101305

1.) What did I see?
Not a normal set-up, but an interesting pattern later in the day. LRCX was strong through the morning, and after a brief pullback began to move up again (bars seven and eight). The ninth bar was a narrow range, and although it was red (down), it could not push down very far into the previous bar's real body...a bullish sign.
2.) What is the entry?
A break of the ninth bar high.
3.) What is the exit?
I normally do not take new trades this late in the day, so I closed the entire position after $1 gain. I watched the trade closely to make sure it did not reverse at the Fibonacci extension. If it had, I would have bailed quickly.

No comments: