HEB was a "quick hit" this morning. It was a low-priced stock with decent volume, and the risk was minimal. The entry was a break of the second bar high* (the second bar was a narrow-range, inside bar) and the target was the Fibonacci extension of the previous day's low to the OR high.
The total for this move was 5%.
*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.
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Tags:
Trader-X, Stocks, Fibonacci, HEB
2 comments:
I love seeing those low-price stocks. My biggest problem is when to exit. Before I read your blog, I would let all my profits go because I did not have any selling target. Thanks.
I got in on HEB today as well, although only on paper! lol
Did anyone catch BFT? It was a pretty good trade. I entered on the break of the 5th bar. Exited out near the Fib extension right on cue! Good thing, since it reversed on the very next bar after the extension was hit!
Dave C
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