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Wednesday, March 15, 2006

Homework - 031506

Now that I have comments turned on, you can share your thoughts on these "homework" posts.

Would you have taken the trade in JLG? When did you close the position? Answer the three questions on your own.

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John Wheatcroft said...

You like to play gap ups - I do not. I prefer a pull back into the 10-10:30 period using the 10 minute bars then grabbing at the low of the day. I assume you saw that doji star three bars in and took the trade at the next bar. I don't know when you would exit - I'd still be holding because looking back the previous two days this appears to be a stock in play. But my stop would be tight.

A good example of my play would be on 3/10 at the 10 A.M. bar. That three bar configuration from 9:30 to 10:15 occurs over and over again and usually signals up. My stop would have been around 54. And I would probably still be holding it.

How'd I do?

Trader-X said...

Hey John - thanks for the comment and for reading the blog even though your style is different. Everyone has to find what works for them, and it seems you have done that.

This set-up did not hit the target, but there was no real reason to sell prior to the close - so I sold at the end of the session for a decent gain (I don't hold overnight).

Thanks for sharing your style and set-ups, as I (and I think most of my readers) always like to learn. Best wishes for the rest of the week!

Charles (San Fran) said...

Sold at the close for .60 profit. Good trade but did not live up to its potential. Still adds to the P&L though. Thanks for the great blog.

Mike said...

I entered on the 4th candle break of the NR 3rd candle doji and the OR high. What I didn't like was the specialist kept some pretty wide spreads. Even though my trigger was a break of 59.7, I didn't get filled till 59.87. I held till the end of the day.