I am off to the Doctor, but wanted to post the chart of CELL. I just closed the trade at the half-way point between the low and the Fibonacci extension (black line). The entry was a break of the second bar low; the second bar was a "hanging-man" and narrow-range compared to the first bar. The set-up grade was a "B", or "C+" because it was above the opening range low, and the long tail on the first bar was somewhat bullish.
Note - keep in mind that the lower the set-up grade, the riskier the trade. Here is my original post on grading my set-ups.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, CELL
6 comments:
SCHS, below the Fib ext, break of the 10th bar low on the 30-minute chart. Range really tightened up as it pulled back to test resistance.
Terrance
PETS 30 min B&B....bought the break of the 5th bar.... it was narrow and inside.....sold at double top.....thanks X....
NGNF, I use .50% above the previous day high (and below the previous day low) and volume of at least 100K.
Also, on DYN...for me at least it retraced too far. I like to see those hammers occur at the top of the retracment zone vs. deeper into it. I think the deeper they go, the more resistance there is when it starts back up...but that is just me.
I have noticed that you are posting more 30-minute setups lately. Are you trading more of them? If so, why?
posted by Tom C:
X has discussed timeframes in detail - go to Welcome and links to key posts, and browse through the blog. Bottom line is the longer timeframes give more time for analysis and less "false signals". It seems over the past few weeks my ratio of 30 to 15 has gone up, and it will probably swing back the other way and then come back again. It just varies but I always look at both timeframes, and try to take the best set-up I can find regardless of 15 or 30.
Also, if you are just studying the blog and charts, don't worry about the timeframe. Set-ups look basically the same...if you removed the time axis, you probably would not be able to tell what timeframe you were looking at.
posted by Trader-X:
The open of the first bar determines the gap.
re: volume...100K is good for average daily. If you follow X, you put it into a watchlist and sort by current volume anyway.
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