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Tuesday, August 22, 2006

AMD and technical difficulties

I am having some technical problems, so as of now (12:00 EST) I am not taking any new trades, just managing the ones I am in.

TraderMike wrote about AMD gapping above a trendline this morning. It presented a great trade on a break of the fourth bar high*. Action for the morning was bullish, and the fourth bar was the narrowest of the morning (NRM). It took off and hit the Fibonacci extension three bars later.

Note - the long lower tail on the fifth bar was a bad print.

Watch to see if it sets-up above the Fibonacci extension for a continuation move.

More later.

*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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Anonymous said...

Sorry about your technical probs - I think AMD is going to continue hear unless Iran decides to nuke someone this afternoon. Setting up above the Fib ext...


Michael said...

I'm also sorry to hear about the technical issues.

Thanks for the link to my site. If you take the "#more-1906" off of the end of the URL people will be able to see the AMD chart without having to scroll up.

Anonymous said...

It tried above the Fib ext, but could not pull away from the magnetic field. Still a good trade.


Trader-X said...

I always link to your site.

After all, you are TraderMike!

Kramerica said...

XMSR to the moon! Entry on the eighth bar.

Thanks for the best blog on the 'net.

dan said...

caught XMSR late in the day. Wish I would've caught it off the break of the 3rd bar (30min). Good job kramerica.

I agree, thanks for the best blog on the net. (sorry, mike, i do read yours too everyday!) ;-)

Trader-X said...

No need to apologize to Mike - he knows I "PayPal" you guys for every positive comment.

Anonymous said...

Hello Everyone and congratulations for the good trades !!!
My name is Javier and I am writing from Argentina.
I have been looking at the Blog and I would like to learn how you are trading.
I read that X uses Real Tick as a Day Trading Platform.
What other suggestion do you have which includes GAPs with %Gainers/Losers and FIBONNACCI EXTENSIONS at a resonable price ?
Thanks in Advance !!!

Anonymous said...

Hello X,
Great site. First time I post here and rather new to the site. But I kind of get the principle of your strategy except that I'm not much of a day trader. So I decided to use my software to scan for gappers (like 2 to 6 percent gappers)and see how they do in the days ahead. I also applied some bullish indicators like stochastics, high volume and momentum and was pleasantly surprised to find that most of the results had a follow through to the upside in the days ahead. So, I just wanted to get your feedback about this kind of trading versus looking for an OR, nr3, nr7 , fibonacci extensions in an intraday ... etc....
Great work though and thanks for sharing your ideas.

Anonymous said...

First off I am new to this site/blog but I have to say it has been an eye opening experience for me. Really great stuff. Anyways, I entered into MIR past the 4th bar high, which was a nice reversal of the prior two bars and also the NRM. I ended up exiting at 28.39 because I had to go to work, but the stock hit the Fib extension on the 15th 15min bar. Just wanted to point out my trade and reasons. Also any comments are welcome.

Alex M.

John said...


Did you see this story about someone releasing live snakes during Snakes on a Plane?

Trader-X said...

Javier - I have a lot of that info here.

John - that sucks. People are idiots. And young rattlesnakes have very potent venom.

XMSR was an interesting trade.

Charles (San Fran) said...

I traded MIR. I didn't like the high tail on the 2nd bar, but it worked out...congrats.