posted by Tom C:
ATYT was a good trade this morning. I entered on a break of the 2nd bar high, and was prepared to exit at break-even after the 2nd bar left a long upper tail. But price recovered as the fourth bar tested the OR high and formed a nice hammer. The target was the Fibonacci extension of the previous day's low to the opening range high...it was hit a short time ago.
I will put up a chart tonight. Have a good day all.
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Trader-X, Stocks, Fibonacci, atyt
Wednesday, May 31, 2006
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7 comments:
ATYT was a great trade. I got in on the break of the 2nd bar, but waited until it cleared the OR high.
I also traded SGMO off the break of 3rd bar high. Extension was hit the same bar! Very thin volume, but surprsingly, the spread was only a cent when I bought and 2 cents when I sold.
Atyt might be setting up again above the fib ext.
sgmo was a good trade, Dave...nice wedge or coiled spring as I like to call it!
I don't look at pre-market volume, never have.
I don't know that there is a minimum - if there is, it is probably 100K shares in the first 15-minutes. But I don't look at that as a static number - in other words, a stock may have 500,000 volume the first 15-minutes and then die and only have 1.5M for the day. That is why I sort my list by current volume - and, the top 20 constantly change throughout the day.
I look at the spread and see how the stock is moving. In general, the more volume the better but it just depends on the chart, how it moves, and if I am comfortable getting in and out.
BOT was a nice setup too. Break of the 2nd bar high and hit the Fib extension 6 bars later, and still higher...I missed it
ngnf - I don't look at market depth. Just spread for me...
ex-loser - spotting them is half the battle! I traded BOT and may post that chart tonight. It offered a second set-up above the Fibonacci extension (though a bit sloppy).
Thanks Trader-X, I will look at your comments on this chart later.
Looking during(most up) and after market(most %)these came up 30 min 1st bar b/o on Scottrade Elite platform: hig cmi bot mon jci str lvs emn os sna 2nd: dell///most %: 2nd: ifo dbrn cien eng atyt wbd 3rd: sgmo snmx 5th: ise. Most were all A's. I usually look at most UP, not most %. I'm going to try most %. Blog is a great help. Thanks. BL
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