posted by Tom C:
Great interview X!
My best trade of the morning was CHH, on a break of the 2nd bar low. I admit it was not a textbook set-up - you would probably rate it a "C" because of the lower tails. But it made a nice move to the 1/2-way point between the OR low and the Fibonacci extension.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, CHH
How to trade market corrections
1 day ago
3 comments:
AMZN was a nice short. Anyone?
T.J.
gt88 - By auto stop, I assume you mean a trailing stop at a fixed distance from recent highs. Here are some thoughts... If you entered on BO of OR during 4th 15min bar, you could have placed initial stop below low of entry bar, then move below retracement lows after they formed. A better stop strategy would have been to stop out on any 15min close below OR. The lowest risk entry was trading BO of 7th 15min bar high with stop below low of 7th. Hope this helps.
Hi T.J,
This was THE big news of the day.
At just after 08:00 I went short at $28.85 on a break of the 3rd 1min-bar low, covering at $28.02. This is my "Early Bird" trade I've developed.
After 09:30, I looked for a more orthodox entry, and shorted it on the break of $27.50 using the 15min chart (8th bar). I exited after $1.00. I normally trade in a more "X" fashion, but I deal with stocks like AMZN, DELL etc a bit differently on big-news days.
Did you short it as well?
Clive J
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