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Thursday, April 20, 2006

Bread and butter buys

A few good set-ups in this category today - OCR, SLB (didn't reach the target, but provided a $1 gain, SHOO (big gainer). Keep an eye on these opportunities - both long and short.

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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Romi said...

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.

Trader-X said...

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!

Dave C said...


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.

Trader-X said...

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?

Charles said...

FWIW, it didn't on my chart.

Dave C said...

Ah yes, you are correct. After zooming in on my chart, I see it now. Good trade!

Dave C said...


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?