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Tuesday, March 28, 2006

Tuesday's action and housekeeping

I have a loved one getting a medical procedure tomorrow, so my posting will be limited between now and Thursday afternoon. I will be trading Wednesday morning, and if I have a chance will post some charts.

Regarding today's action, some set-ups in the oil and gas sector worked nicely (DO), and some did not (WFT). NYX was a nice "bread and butter buy". SIRF was a nice short set-up.

Feel free to post any good (or bad) trades in the comments section. I will try to get a chart or two up later tonight.

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David Grice said...

Hi X,

Was watching today, not trading so it makes it much easier. Anyway, I spotted ANN and OVTI as Bread & Butter trades.

ANN, entry on the breakdown of the 5th bar (15min charts).

OVTI didn't go so well, but the two hammer formation just above 61.8% looked promising. Seemed to hit resitance at $30.50. I suspect I would have exited at the 11th bar, as it breached the low of the 11th small doji bar.

Koop said...

Thanks for all the valuable education you provide "the new students"! Learning Fabonacci from reading your posts has been enlightening.
Would you have entered HOKU or HYTM today?

Dave C said...

I saw XTO and ESV. watched both these stocks although I did not enter a position on either one. I would have gone in on a break of the second bar for both. They did hit the extension, although only yielded a meager 1%.

BL said...

While awaiting a new computer/software which will allow me 15 min charts, KMG CLRK DRQ DO had small opening gaps that turned out to be monsters. Perhaps small gappers can lead to bigger things.
Played MICC break of the opening 5 min bar hoping for a buyout play. Flat at close. I can see by reading the news about a gap stock one can have a biased view which might distract one from objective chart reading.

John Wheatcroft said...

This is a great site -

I hope your loved one comes through the procedure OK - I've had my share and I know modern medicine is absolutely fabulous.

Trader-X said...

Both HOKU and HYTM were nice - but HYTM was the only one that gave me an entry (maybe you found another entry on HOKU).

Dave C - I traded ESV..I'll take the 1%!!!

bl listed some good stocks - I was in DO and KMG..

And, thanks for the kind wishes regarding my loved one!!!

Anonymous said...

I traded HLT off the 10th bar. It was only .25 to the target, but I liked it. TJ

Chris said...

fcfs bread and butter 3rd bar.

BL said...

X, thanks much for the site great education for me and others I bet. Have been looking at the last 5 days charts and notice many times that its a break above the #2-15min high/or below on a gap down for your entry. Maybe it's a fast moving market-all aboard!- or set up that just ramps without time for a meaningful consolidation, ie NR's, or pullback/retracemnt below the OR low. Comments? Hope all goes well.