It was a slow first day back for me. As I mentioned in earlier comments, I traded CMTL on the 30-minute chart. This was an "iffy" set-up - Trader-X might have given it a "C"!!!
The 1st bar was wide-range and indecisive, with long lower and upper tails. The 2nd bar was a narrow-range, inside bar that closed strong and in the upper half of the first bar's range. I entered on a break of the 2nd bar's high, and sold when price hit the Fibonacci extension of the previous day's low to the opening range high.
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Tags:
Trader-X, Stocks, Fibonacci, CMTL
3 comments:
Tom C,
Nice trade. With all the blood in the streets this am--I had 6/60 in the green today--why go long while the shorts were beggng to be shorted? Do you mostly go long no matter if the market trend is down?
Thanks,
BL
posted by Tom C:
BL - I have never stuidied it, but would guess I am 50/50 long vs. short.
I do not look at general market direction - most days I cannot even tell you what the general market did. I look for good set-ups, and let the rest take care of itself. If I start to try and guess what the overall market will do, I will probably make a lot of bad trades. And, when most people think a crash is coming, or the market opens big in one direction, it could easily reverse and close big in the other direction. I don't want to complicate my trading by trying to figure it out...and I owe that thinking to X.
GGC, 30-minute chart, 5th bar hammer, bread and butter set-up. I am hooked on 30-minute charts.
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