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The Power of Persistence
1 week ago
Thursday, July 27, 2006
More irony
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6 comments:
I was worried about that long upper tail on the first bar. Good luck with the trade.
TJ
Hey GapTrader - he likes upper tails when there are other factors such as several bars in the top 1/2 of the day's range, close to a breakout. The problem I see with rail is that the first bar price closed below the 1/2-way point of the bar's range leaving the upper tail...in my mind, bearish. And the second bar also closed below the 1/2-way point of the first bar.
But I am no expert. Just what I see. Good luck.
TJ
Hi gaptrader88,
I also looked at RAIL & noticed it started trading around 08.30 today. I calculated the fib extn from the previous session low to the first 15min-bar high as $56.86. Not too far away from the $57.00 session high.
I didn't go long as the morning's move had started at around $53.50 and some hammer-type bars had already appeared.
Just my thoughts!
I traded AKAM today, long on break of 10th-bar hammer above 15min OR. Would anyone agree that looked OK?
Clive J
Hey Clive - to me AKAM was kind of like RAIL in that the preceeding bar was pretty weak...it was wide-range, closed weak, and left a long upper tail. Again just my opinion, but I like entering when there are not any "red-flags" like that.
TJ
Great conversation here. Anyone see the bottom fall out of KOMG?
Hi TJ,
Thanks for the comments on AKAM. I'm still learning a lot. To cap it all, I missed a text-book set-up on BG because I forgot to include it on my watchlist!
Happy days!
Clive J
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