STC was a long entry off a break of the second bar high; the second bar was narrow-range (compared to the first) and closed strong just above the opening range (OR) high. The target was the Fibonacci extension of the previous day's low to the opening range high - it was hit four bars later.
STC set-up again above the Fibonacci extension with a hammer-type bar that was also narrow-range (the narrowest range of the day). There was .60 profit potential before it was taken down by the sell-off in the general market.
__________
Tags:
Trader-X, Stocks, Fibonacci, STC
2 comments:
X,
I've noticed that you are posting more 30min charts than before. Is this a reflection of you finding more ideal setups in the 30min vs 15min timeframe, or are you just mixing it up a bit for us readers?
Just mixing it up. Although my % of 30-minute trades has increased over the past few months.
Readers in the past have wanted to see 15-minute charts, but I think most people would be better suited to trade 30...sure, they like the "faster" timeframes but at the end of the day it is about making $$$, and 30 gives you a better opportunity to evaluate data and make decisions. If you can perfect the 30, then you can move to a faster period.
Post a Comment