A choppy day all around.
1.) What did I see?
A gap up and wide-range first bar. The second bar rallied to close above the OR high. The third and fourth bars narrowed in range and also closed above the OR high (bullish). The fourth bar was the narrowest range of the morning (NRM) and an inside bar.
2.) What is the entry?
A break of the fourth bar high.
3.) What is the exit?
1/2 was sold after $1 gain; the target for the remaining 1/2 was the Fibonacci extension of the previous day's low to the opening range high. The ninth bar left a long upper tail and closed weak - I saw it as a red flag and decided to take profits on the remaining 1/2 when price broke the ninth bar low.
Set-up grade = B+
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Tags:
Trader-X, Stocks, Fibonacci, TIE
2 comments:
Traded TIE 30m off 4th bar, GLD 30m off 4th bar hammer, and ECN 30m off 4th bar. I always like when I pick the same stock as TraderX, I maka da money when I do...lol.I love 30 minute charts, I get to sleep in a bit and make coffee.
X,
Since you're such a 24 fan, you might get a kick out of this.
http://www.collegehumor.com/articles/1654341/
wp
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