posted by Tom C:
Some of you "first bar traders" should be happy with TXU.
Post your trades, and I will put up a chart or two later today.
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Trader-X
Trading Without Drama
4 days ago
Tuesday, May 02, 2006
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8 comments:
TXU a surprise earnings play along with first bar b/o's NBL FSH MON GPI. Anybody play the first bar b/o and based on what? Alot of them fail...UNP. Thanks.
BBC was a good trade. Break off the 2nd bar high. I prematurely ejected about 3/4 the way to the extension, because the spreads were CRAZY, some as high as .10! For a $10 stock, I think that was a little excessive. Yes, this stock exploded, but I'm just glad I got out with a decent profit. Could've turned ugly in a heartbeat. lol
STA off the break of the 3rd hammer-like bar. Scratch trade. I exited on the 8th bar after it failed to break the OR high.
Shorted CMX on break of 4th bar low, covered a couple minutes later at fib retracement. Went long ADM break of 9th bar high, above fib extention, got out for small loss. Too impatient.
bgc, above the fibonacci ext...Chris
UNP? It didn't break the first bar high...how would you have gotten an entry? Chris
Dave - I know what you mean about crazy spreads...I would have ejected too as I just can't focus when they are all over the place.
UNP? It didn't break the first bar high...how would you have gotten an entry? Chris
That would have been a short as it broke down, unlike TXU. Later it reversed 10th bar.
BL
CHK on break of 2nd 30min bar. (Actually I bought it on stoch turn at at its 20EMA on 5min chart - but it sure looks purdy on the 30 min chart.) Plenty of scratch to slight losses today too.
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