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Thursday, May 04, 2006

IDCC - 050406; 15-minute chart

posted by Tom C:

IDCC was mentioned earlier - the second bar was strong, closing at it's high and the opening range high. It rallied to the Fibonacci extension where it promptly reversed.



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3 comments:

BL said...

Tom,
Why wouldn't you have traded TXU 2nd bar b/o vs IDCC? It had a 1st bar hammer then a solid green. IDCC had indecisive 1st bar, 2nd bar solid green minimum tail. Could sy the same thing about DBRN 2 bar b/o.Also do you use market orders, limits, or buy stops?
Thanks,
BL

Trader-X said...

posted by Tom C:

re: TXU on 5/4 - I don't see what you see. It gapped down and I saw no reason to ever get long.

The 2nd bar in IDCC closed stong at it's high, and in the top half of the first bar's range. It was a good set-up.

re: orders - I use all types

BL said...

Tom,
I was referring to TXU b/o on 5/02 as a similar set up to IDCC 5/04.