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Tuesday, April 11, 2006

Tuesday's action

Who says you can't trade on vacation?

The second bar was not a perfect hammer, but it was a nice "hammer-type" candle at support from the retracement zone. I sold 1/2 the position at the Fibonacci extension of the previous day's low to the opening range high for ~8% gain. I put a stop in below the Fibonacci extension for the remaining 1/2, and let the position run...the stop was never triggered and the remainder of the position was closed at the end of the day for ~25% gain.

With this kind of success, I am considering taking a vacation more often.

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Dave C said...

Very Nice with BDCO! A little disappointed I didn't catch this stock earlier!

What do you guys think of CSX on the second bar? Bad entry as there is really no support? That's my hindsight assessment even though the stock did hit the extension.

SYNA anyone? 5th bar bread and butter long? The 5th bar could've looked better without that upper wick.

Hope everyone had a good trading day. I know X did!

Chris said...

I traded CSX...great trade.