posted by Tom C:
After a bit of a dry spell, there was some nice action this morning. I got a few "quick hits" in AAUK and SHOO; they both rocketed to the 50% line between the OR high and Fibonacci extension. I am a little "skeptical" that a rally will stick, so I am locking in quick profits.
I will post a chart or two later. Have a good day.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, AAUK, SHOO
Trading Without Drama
5 days ago
13 comments:
Great minds think alike. I was selling at that 50% line too.
TJ
SHOO, that is. I miised AAUK.
TJ
SHOO was a great set-up, drop down to the 5-min and look at the little scoop. i played GOLD, but it was up 8%=9% on the day, so i dont know how high i thought it would go. interesting that it pulled back to R-2, which was also the high of the 5-min opening range. CEO was a real rocket today
long fcx, almost shaken out but it recovered and hit the fib ext.
Hi all,
Have been long TIE all day, trading off 30 min cht starting at 08:00am. In at $31.55. Took 1/2 off table at $32.55. Aiming at $33.05 for the rest, getting close.
Chart looks easy, only 3 opposing bars all day, but those "hanging-man" type bars are hard to ignore at the lows!! There were 3 today to try to shake me out.
Just been filled at $33.05. It's been a long day. Time for football.
More tomorrow,
Clive J
Clive, looks like your target was hit and it is still going. Good trade.
"I got a few "quick hits" in AAUK and SHOO; they both rocketed to the 50% line between the previous days low and opening range high."
I'm not sure what you mean here. The 50% line for AAUK would be $17.49 (using 15 min chart) and for SHOO it would be $26.91
They both gapped up above those levels, so what do you mean exactly when you say 'rocketed to the 50% line'?
"I am a little "skeptical" that a rally will stick, so I am locking in quick profits".
It stuck.
You must be saying "Oh SHOO".
Babak, if you look through the blog you will see many charts marked with the 50% line between the high (or low) and the fib ext. X always references this point as being probable resistance on the way to the target (target being fib ext).
TJ
Tj,
that's not what Tom C wrote!
If that is what he meant to say, then it would be more accurate to write: "the 50% line between the low and the fib extension" (btw I'm assuming here by fib extension you mean the 38.2% one)
NOT "the 50% line between the previous days low and opening range high", as he did write.
Cheers
Babak, I didn't say that is what he wrote. I was explaining that if you read the blog, that is what he meant. There is example after example after example.
It is obvious that he mistakenly said something else, when he meant to say "between the high and the fib ext".
Again, read the past posts in the blog. Numerous examples.
TJ
posted by Tom C:
TJ, you are right and thanks for explaining. The post has been corrected.
TJ, Tom,
Thanks for the clarification :o)
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