posted by Tom C:
Hey guys and gals - I hope everyone enjoyed their day off. I got off to a rocky start this morning with a bad Internet connection. The best I could do was a short in BHP off a break of the second bar low; it hit the target (Fibonacci extension of the previous day's high to OR low).
Post your trades or thoughts if so inclined. X will catch-up later...I know he has a meeting after the close.
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Tags:
Trader-X, Stocks, Fibonacci, Trading
The Most Important Lesson in Trading Psychology
18 hours ago
10 comments:
OSIP was a good short on the second bar break (30 min).
great blog!
KRY, bread and butter, to the moon!
OSIP and FLSH, good shorts.
TJ
RMBS shook me out - any post-trade analysis X?
Looking for any insight, I don't actually trade but trying to learn. I am sure MICC popped up on many peoples watchlists today.
on a 15min chart at 11oclock it makes a hammer, and stochastics seem to make a good case then too. it is also seems to bounce off the 9 period MA. So my question is, how would you play this, if at all?
buy if it breaks the top of the hammer, with a stop at the days low?
Babak, where did you enter RMBS? I was scared off by the long upper tail on the first 15-minute.
Dan, I didn't see a play in MICC. At least how I trade.
TJ
I havn't traded this system before but decided I'd give it a try today. I missed the entry on OSIP but at least I saw it.
2 questions:
1. I was curious whether WYNN would have been a good entry after a break of the 2nd bar (15 min chart). It subsequently went up a little but if the stop was set at the high of the 2nd bar (correct?) you would have made $$.
2. I did enter NIHD when it retraced to the fib line; then it just stalled right at the line all day (so far). For those of you that trade this system, was it a good entry?
Mike, I am not an expert by any means. And, I don't think this is really a system, as there is a lot of discretion involved.
Having said that, WYNN would have made you money as it hit the Fib extension. But, I did not take it because I was worried it made the bulk of it's move in the first wide-range bar. Plus there was a little bit of a lower tail. Still, you made money so good trade.
With NIHD, I don't see anything there that would cause me to want to trade the stock.
TJ
This blog is great guys. Thank you and keep up the good work. Tom C, I like the longer term analysis you have been doing too.
Did anyone see a short trade in MRVL??
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