I was off Monday and Tuesday, so eased back into the action today. But, I did not find many set-ups to trade.
Here is CRZO - last week, there was some debate in comments about a similar set-up that did not work. Here is why I liked it:
1.) The gap up was over the 34MA. I find when a gap clears a resistance level like the 34, it is more likely to follow through.
2.) The 1st bar left an upper tail, but closed green and above the 50% mark of it's range.
3.) The 2nd bar was a "semi-doji", with an upper and lower tail. But it was in the top half of the 1st bar's range and closed green.
On the short side, AZN offered a set-up on a break of the 4th bar low.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, CRZO
7 comments:
I couldn't find a lot of "X" trades today. Hopefully tomorrow will be better.
I traded MICC. it worked pretty nice, although i got out shaken out early. the HOD was horizontal R on the daily chart.
i also traded CHUX, which had a big lower shadow on the first candle. i shorted it by leaning gainst the HOD as it didnt seem to have any umph up... i got out just north of the round #, i think it was $16, as it didnt seem to have much ump on the downside either.
TraderX, i have been giving secondary consideration to ADRs and ADS's... do yu look tthem differently?
nice snag on CRZO - i looked at it early and never made it back... thanks for the insights.
I couldn't find many "X" or other types of trades either. Strange day for me.
Dave,
Hope you won't mind if I make a point here, but I trade with p/mkt info all the time.
Look at 30min cht of IFO yesterday, then add data from 08:00am. I bought break of $14 on 6th bar, exiting @ $15, just below 34ma. Not "X" trade, but typical of what I do provided there is a lot of p/mkt volume. In fact this was a "C" grade set-up reflecting a lack of good opportunities y'day, and I monitored this on a 5min cht to make sure I got out on 1st sign of weakening.
There was Grade A short set-up last week, an "X" trade too. I'll dig it out for you.
ATB
Clive J
Dave,
Look at JOSB 8th June. Break of 3rd bar low following extended hours move from $37 to $31. Superb reverse wedge from $28.65 down to $25.00.
ATB
Clive J
I don't look at premarket price, but ATB/Clive J. gives some interesting input that is worth looking at...thanks for sharing!
How do you guys find the premarket range. It's not on my charts.
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