Posted by Tom C:
I am glad yesterday was good, because this morning has been crazy with the net result being...not much!
Feel free to post your thoughts and trades, and I am sure Trader-X or myself will put up a chart or two over the weekend. Though it is slim pickings for me so far.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, RACK
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14 hours ago
5 comments:
Slow day.
BOOM - 15m break off 4th bar high. I highly doubt it'll reach the extension as it's weakening along with everything else. I did manage to squeeze $1/share out of it.
NGNF,
I don't think it looked that bad... Bars 2-4 resembles a nice wedge pattern.
WIND - I wouldn't have taken the trade. It's not a good sign when your entry point is way above the OR high for a short unless you were doing some B-and-B play which I don't think you were.
I would have passed on CCOI as well. Too many long wicks all around and again, your entry is well above the OR high.
Just my 1.3 cents
If you do the bar by bar analysis like TraderX sometimes does, on WIND that 5th bar was huge and wide range. I don't think I would short after that. CCOI was too far in the retracement zone, above the 50%. I don't short stocks that break that barrier...they need to set-up under it.
X has mentioned how much he likes the 30 min charts. I collected 102 charts in the first hour(Scottrade Elite) and 18 closed higher than the open on the 1st 30 min bar(18%) and only a few you would have lost money or scratched: UNT ADS USG ZOLT CBI CSGP RTK CUP IOTN NYX BOOM DRQ CME TSU SOHU PX AGIX KMG. 30 min charts work.
CSGP 2nd bar b/o sold 6 bar a bit before the fib ext. 1st 30 min bar b/o would have been better
QQQBall
i it NE on friday, but failed to sell when supply came in at the same level each time.
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