It was a crazy Monday for me - I had to make a quick run to the vet (everything is O.K.), so I missed the early morning action.
I was back in the office before Noon EST and caught a set-up in TLAB (30-minute chart). It gapped down and printed a wide-range first bar. The second through fifth bars bounced around and tested the opening range (OR) low as resistance, but all stayed below that level (OR low).
The sixth bar formed a "hanging-man" just below the OR low resistance; the entry was a break of the sixth bar low. The target was the Fibonacci extension of the previous day's high to the opening range low. It was hit in the last hour of the trading day. This was a low priced stock with heavy volume (easy entry and exit), and the total move was ~3%.
Feel free to post your thoughts and trades. I should be back on a full schedule tomorrow. I believe Tom C. is taking a few days off.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, TLAB
5 comments:
HOLX below the Fib ext was nice. 30-minute.
Same with NYX...a hanging man right at the Fib ext, and then a complete collapse. TEX was another one.
i came in with a long bias, and i tried to play TLAB off of the low of 15 OR. then i tried a counter-trend long off of the LOD. then i sat here talking to myslef, since i was plainly on the wrong side of the market. i sat here looking at the chart watching the highs get lower, sure that the minute i entered it would rally. knocked off early and went to the gym.
nice trade X.
Hey tripleQ, just my input. My trading greatly improved when I quit going into the day with a bias. I just traded the good set-ups as I found them.
Good luck. TJ
Adrian - I always warn against entering a trade after just one bar. I may do it every now and then, but I always warn about it and prefer at least a second bar.
As far as waiting until later in the day - I really don't do that much either. My "sweet spot" is usually between the second and fourth or fifth bars.
Best of luck.
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