posted by Tom C:
There were some big gaps in energy stocks this morning, but I had a hard time getting any set-ups out of it. I have a few things working, but all in all I am ready to put this week behind me. I made money, so I am happy. But, the set-ups were not as prevalent as usual. I am confident next week will be better!
Post your trades, and either I or Trader-X will put up a chart or two later.
2:00 EST edit by Trader-X:
Tom, I agree with you about the week in general. But, I had a few good trades this morning. These two stand-out (both 15-minute charts):
- SLB was textbook as the tenth bar formed a hammer that closed above the OR high. It just missed the Fibonacci extension of the previous day's low to the OR high, but gave a good sell signal on a break of the eighteenth bar low.
- BBBB was also a good set-up on a break of the fourth bar high. The second-fourth bars all closed above the OR high, and the fourth bar was the NRM. It hit the Fibonacci extension of the previous day's low to the OR high.
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Tags:
Trader-X, Stocks, Fibonacci, Trading
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9 comments:
No greed, I feel your frustration. Let me offer my 2 cents.
On NBL and QCOM, I would not have traded them. NBL left too long an upper wick on that first candle. QCOM looked as if it put in a bottom with the first two candles and their lower tails.
I see probs with FTO and CHK, but I think they were better set-ups than the other two. I will try to write more later.
SWN was another nice setup. It has a strong resistance at 30, at the same level of the middle way to the Fib Ext. But when it brokes the resistance it goes straight for the goal.
I agree with Charles on NBL and QCOM. Regarding FTO and CHK, there were better set-ups out there, much cleaner. Check out CNX 30-minute.
TJ
NoGreedNoFear, I took the same trade on QCOM, but when it went against me and broke the 39.25 resistance I reversed the position. There was some news about QCOM that provoked the move higher.
I too played CNX but off 11th 15 min bar. Sold 1/2 after a buck gain, and rest on break of 15th bar low...weak bar. Nogreednofear, hang in there!! As I am learning, there are many nuances to this.
Hello Trader-X. I traded BBBB, but missed SLB. Good trades! Enjoy your weekend.
No greed, the person who said nuances was correct. When you have lower tails it is a bullish factor, and you have to consider that when you are taking the trade. Price staying in the lower 1/2 of the first bar's range is a bearish factor, as you said. It was a pretty neutral set-up to me, but would have been a lot more bearish if price took out the OR low. Remeber X's warning - the OR is support and if you enter above it, it is a riskier set-up.
no greed - it comes down to knowing your risk. I take good shorts above the or low all the time, but I know that there is resistance going down. SIX is an example today, a break of the sixth bar low. It was a nice winner. But, I have my share of losers. I just make sure my winners are alot more!!!
X on the other hand takes alot fewer trades, and is really picky. It all depends on your personality.
CNX was good, plus sector strength. it stayed above the close of the first 15-min bar on PBs.
i shorted BHP just near the high of the OR 15-min bar, got stopped for -.05; then shorted again at 38.2% retracement level - took profits on 2/3rds and then stopped on final 1/3rd. passed on the 61.8% retrace level short, which i think was a 2T also. until the market turned, BHP really had no umph.
i missed BBBB, but that was a nice set-up. good trade.
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