Wednesday's charts

posted by Trader-X:

Blogger is not letting me post charts, so consult your own charts and hopefully I can plug mine into this post later tonight.

Shorts were abundant today, but I did find a long trade. CELL - 30-minute chart, break of the fifth bar high. It was the narrowest range of the morning (NRM), an inside bar, and a bullish candle that closed just below the OR high. The target was the Fibonacci extension of the previous day's low to the opening range high, and was hit two bars later.



I was watching TTM for a long entry on a break of the third bar high (30-minute chart), but realized it would also be a good short opportunity on a break of the third bar low. The third bar was a narrow range (NRM), inside bar; the first three bars formed a triangle pattern. The target was the retracement zone from the previous day's low to the opening range high.



LFC had a textbook "hanging man" on the third bar (30-minute chart), which was also a narrow-range (NRM), inside bar. The target was the retracement zone from the previous day's low to the opening range high.



__________
Tags:
Trader-X, Stocks, Fibonacci, CELL, TTM, LFC