If you missed my entry on OCR (a break of the eighth bar high), you had another chance on a break of the tenth bar high as it moved up from the retracement zone (from the previous day's low to the opening range high).
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Tags:
Trader-X, Stocks, Fibonacci, OCR, SLB, SHOO
7 comments:
X, I traded BBT off a break of the second bar high, which I saw as a gravestone doji which you have mentioned many times here. It turned out to be a good trade. Did you participate in it? Just curious.
Romi - yes, I did trade BBT for specifically that reason - I really like that candle/pattern. I was hesitant because I would rather see it form at support from the retracement zone, but the trade worked great. However, I would probably rate it a "B-" because it had more risk.
Good trading!
X,
What made you stop from entering on the break of the 6th bar of OCR instead of the 8th? The 8th bar closed only a penny higher than bar 6th, but if you would have entered on the break of the latter, you would've been stopped out.
dave, the sixth bar high was not broken by the seventh bar on my chart. So, there was no entry.
But, I was not looking at it for entry anyway - the eighth bar was a nice hammer and a better entry on a break of it's high.
Does your chart show the seventh bar taking out the sixth bar high?
FWIW, it didn't on my chart.
Ah yes, you are correct. After zooming in on my chart, I see it now. Good trade!
X,
I know that you like entering positions above the 38.2% retracement from the high. Do you ever enter positions above the 50% retracement level?
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