I had a few minutes to kill, so I thought I would post a trade from today.
MRVL offered two opportunities to get long:
1.) The third bar was an inside, narrow-range (narrowest range of the morning - NRM) candle that closed green and left a long upper tail. Long-time readers know I like this particular candle - price rallied but could not hold the high. If the next bar can rally through the previous high, it is a bullish sign. In addition, the first three bars formed what many of you will see as a "triangle".
2.) The sixth and seventh bars formed "hammer-type" candles at and (closing) just above the opening range (OR) high.
The target was the Fibonacci extension of the previous day's low to the OR high; it was hit at the end of the day.
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Tags:
Trader-X, Stocks, Fibonacci, Candlesticks, MRVL
2 comments:
Hey X,
MRVL was my trade of the day. I got in on the sixth bar and let it ride until the EOD.
Have a good weekend, and my bet is that Bonds is going to continue his choking streak!
Damnit, not sure how I missed that one.
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