I feel like I should have found more trades today, but they were not there for me.
Luckily I had a good short in MIL...similar to X's chart today, MIL was not perfect as it left a long lower tail on the first bar. But price stayed in the lower half of the morning's range, and bars 3-5 narrowed in range with the 5th bar being the NRM. I entered on a break of the 5th bar low, and closed the position at the end of the day.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, MIL
3 comments:
Shockingly I had a nice long today - ESLR, break of the 7th bar. Almost made it to the fib extension.
Enjoy the blog greatly.
Hello X, Tom, ...
I would like to ask you question related to entry technique.
You say, for example, "I entered on a break of the 5th bar". What does it mean in practice?
Do you have some buy/sell stop order ready (so the trade is entered automatically at the break) or do you enter through market order. If the latter, how far from the break do (or can) you enter.
Maybe you even want to wait a little to make sure the price does not reverse (which happens quite often to me).
Thank you for your answer and for your great blog.
posted by Tom C:
I tend to use stop market orders - when price trades through the previous bar high (or low) then the market order is triggered and I am filled at market. I don't wait...the trigger price is the trigger price.
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