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Friday, July 28, 2006

Friday's action

posted by Tom C:

For those of you who are fans of X's "offsetting bars" set-up, check out LNCR this morning (quick hit on the 15-minute chart, short on a break of the 2nd bar low, covered at the 1/2-way point between the low and Fibonacci extension).

Post your trades if so inclined, and I will post some charts over the weekend (as I am sure X will).

edit by Trader-X - thanks Tom...I notice your EBAY short is still tanking.

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BigBux29 said...

Hey Tom C, good trade. What made you decide to cover at the 1/2-way point?

Trader-X said...

posted by Tom C:

I covered at the 1/2-way point because of the long lower tail on the 4th bar. It seemed bullish and setting up for a reversal...and, in this case I was correct (not always that way!).

Donny said...

Damn, LNCR was screaming after you covered. It would have been a good long on a break of that 4th bar high, no?

George said...

It really pays to have a target. In the past I would have given back all the money and would be sitting on a loss now.

Gaptrader88 said...

WITS was a good set up on the downside. Strong down 1st Bar A break of NR3 for a windfall. In a up market. :).


S.J.T. said...

VSEA sweet, but on a 5-minute chart.

Babak said...

MSCC - 15 min chart
long on break of the 3rd candle's high
stopped out on low of 3rd candle

anything I miss that made this setup fail?

Charles (in San Fran) said...

IDXX, as long as you sold at the patented Trader-X halfway point.

Charles (in San Fran) said...

Babak, I had MSCC on my list but passed because the first bar was so wide range. I figured it probably "shot its load" with that initial move.

Just my .02.

thiago said...

RACK...break of 3rd bar low 15 min chart. Cover after 1 point gain.

Babak said...

Charles: hmmm, too wide range a bar you say? MSCC had a 4% advance in the first bar.

Do we have a % threshold (appx) which is 'too wide range'?

What about CLS which had a +6.5% first candle and continued to go up?

estocastica said...

BZH 15-min, break of 3rd bar high. Covered after a $1 gain.

Have a great weekend everyone!


Charles (in San Fran) said...

Babak, I don't look at exact % personally, just the chart and to me MSCC's 1st bar was pretty wide range. I didn't trade CLS either, but I think the first and second bar was a much more bullish setup than on MSCC.

Just what I see. Have a good weekend all.

Gaptrader88 said...

I also had MSCC off the 3rd bar and was stopped out, after futhur review on the 30min chart instead of 15min, it looked more like it was a set up for a short on the 30min 2nd NR bar break. The decending tails on the 15mins added to the short term down trend. Hey, hind sight is 20 20.
Have a good weekend all.
Any comments will be welcome.


Kayakhandy said...

My big long trade of the day was FORM. I picked it up on the third 15 min. breaking bar at 38.90. Also on previous days upward resistance was 40 to 40.28 so I figured that area was a shoe in. First target Fib was much higher at 41.80 with my Arch fib graphic extention at $42.37. Anyway, I scaled out of FORM at 41.80 and 42.37...the stock then stalled for the rest of the day and closed at 42.25.

On a side note I found it very interesting that all the major indexes QQQQ, SMH, SPY and IWM and DIA wer pretty much testing upward resistance but can not break through yet and the bond market has been screaming for the last four days that the FED is done raising interest rates. I however remain cautious and will let the market tell me where it really wants to go...I never fight the tape.

Jon said...

MGLN 15 minute anyone?

Saw the RACK go but didn't short any.