(note - the charts below were posted prior to the market close)
Tom C. posted a homerun with HOKU earlier - it provided ~20% return on the second 1/2 of his position.
Here are a few base hits from today:
WMT - 052506; 30-minute chart:
The entry was a break of the fourth bar high; the fourth bar closed above the opening range (OR) high, was narrow-range (NRM), and an inside bar. It hit the Fibonacci extension of the previous day's low to the opening range (OR) high after 2:00. Note how it reverses at the Fibonacci extension - always a good reason to close part of your position (if not all of it) at that point.
MU - 052506; 30-minute chart:
MU formed a triangle with the first three bars. The entry was a break of the third bar high*; the third bar was an inside, narrow range (NRM) bar that closes green. It hit the Fibonacci extension of the previous day's low to the opening range (OR) high after 1:30.
JCOM - 052506; 30-minute chart
The entry was a break of the fourth bar high; the fourth bar was narrow-range and closed strong above the OR high. It hit the Fibonacci extension of the previous day's low to the opening range (OR) high two bars later. Note the pop after the tenth bar closes strong and above the Fibonacci extension.
*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.
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Tags:
Trader-X, Stocks, Fibonacci, WMT, MU, JCOM
8 comments:
I traded HOKU with you guys, also got in on MU. It was a slow week until today. I may take tomorrow off. Good trading to you all.
Nice, first attempt at a Trader-X setup. I got in WMT today with you guys.
I tried a similar setup with PALM as you did with MU, but it stalled and I got out at my entry price.
Keep up the great work guys. It's a joy to learn from you.
-Dave
Good trades. HOKU was great. A few of those a week, and you are talking about real money.
;)
Nice trades. I traded unfi off the third bar high.
JWN was a bread and butter set-up on third bar, 30-minute.
Dave,I noticed PALM broke below it's 30 min O/R whereas MU didn't.Just a thought.
Trader-X, you have caused a run on the 30-minute charts! I traded NCTY off the 3rd bar high, after long lower tails on the first two bars. Good for $1.
Yea Zoomie...
I'm glad I didn't get burned on it, was a bad read on my part. I'll keep an eye out to look for that next time.
Thanks.
-Dave
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