This entry would probably rate a "C+" on X's grading system. The second bar closed weak and was narrow range, but left an upper tail that could be viewed as indecisive. I would have preferred a textbook "hanging-man", but I liked the gap down and the fact that price did close below the OR low set by the first bar.
I exited the position on a break of the 11th bar high, which also coincided with a break back above the 50% line between the low and the Fibonacci extension (black line).
PS - BLOGGER SUCKS!
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Tags:
Trader-X, Stocks, Fibonacci, Trading, JOSB
3 comments:
Sorry for all of your blogger problems, but thanks for still posting. I know others who have given up completely!
I traded CVH & PALM on the 30-minute charts, both bread and butter set-ups. They "retraced" a little deeper than I liked, especially given the discussions by others in comments lately. But I was counting on a rally today, and hoping that would raise my stocks with it. I was right thankfully.
Keep up the great work.
I know you guys don't like the first bar entries, but I could not resist with Ericy - first 30minute bar was a hanging man, worked nice to the fibonacci extension.
Barb
CETV was the best setup I've traded in weeks.
DK
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