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Tuesday, August 08, 2006

Fed Day Trading

The Fed announcement comes at 2:15 EST. It does not affect my morning trading, but I try to be out of most positions by 2:00 to avoid the crazy swings that are sure to follow.

ARS just provided a great pop off a break of the fourth bar high. Look at the chart - it is a textbook example of narrow range, inside bars after the gap up and wide-range first bar. Also, the second-fourth bars stay in the top of the first bar's range, and "fill in" the upper tail (1/2 closed after $1 gain, the other 1/2 closed after $2 gain).

Good trading.

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6 comments:

Anonymous said...

My big trade of the day...maybe the week is VTIV on the third breaking bar. I just took profit at 30.40 for $1.02.

Thanks X and Tom C for showing me the way!

Anonymous said...

Just got another clasic X trade with FOSL on the breaking of the 4th Green hammer that was hanging on the Fib retracement with building volume. It PAYS to study your charts and read your notes. I want to take profit at 84 cents right here 11.53AM central time.

Thanks to you, I am making far fewer mistakes in my trading!

Anonymous said...

Good trading...don't get cocky though!

Anonymous said...

URI, stopped out on a break of the 4th bar low. Re-entered on a break of the 8th bar low and rode it down for a nice gain.

TJ

Anonymous said...

I took ARS too. Sold some at the top and scaled out as it went down.

Trader-X said...

On the first bar, I don't know if I look at %. I really glance to the left of the chart and see how big the bar is in comparison to others over the past - say 10 or so - days.