Jose mentioned this trade in "Comments" - he entered on a break of the fifth bar high. I traded HNR, but waited until a break of the seventh bar high.
I was cautious of the long upper tail on the fourth bar - that combined with the fact that it was below the opening range (OR) high kept me from taking Jose's entry. I am NOT criticizing his entry - on the contrary the fifth bar was a narrow range (NRM), inside bar and price for the morning (while choppy with the second bar) was trending up. It was a solid entry as long as you were aware of the increased risk.
Regarding my entry - price had broken through the OR high and pulled back to re-test that area as support. The seventh bar was a "hammer-type" candle, but not a great hammer as it had an upper tail and closed red. I entered on a break of the high and sold at the Fibonacci extension of the previous day's low to the OR high.
Good trade Jose!
Note - some of you would have entered on a break of the third bar - I understand that argument, but the second bar was a little too crazy for me to consider that entry.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, HNR
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7 comments:
Check out GG (break of 11th bar) and AEM (break of 5th bar). Both 15-minute charts.
Thanks X.
TJ
PBY, Trader-X "bread and butter" off the fourth bar high.
Wow, thanks Trader-X, I feel proud to be part of your comments more than my trade on HNR today :)
I was aware of the increased risk, but I was prepared to exit at the first sign of weakness.
Thanks again for share your knowledge and time with us.
I saw the map of your visitors and you have from Spain too. I was in France some days last week so check it again, I'm the one in Spain :)
Shorted DG on break of 5th inside weak 30 min bar. My target was 1/2 between O/R 30 min low and 138.2% fib extention. I tightened my stop to just above 10th bar as market started to strengthen, and was stopped out for a 1.2 R gain. Any comments welcome!!
Jose - a world traveler who still finds time to make the good trades!!!s
those hammer or dragonfly 'sticks follwoed by a gravestone doji and really confusing. i'm always confused by those. good trading X and Jose - different approaches - same reult - Profit!
did you identify pre-market, or did you notice itlater?
greta trading.
i looked at DG and passed. i think i was looking at like .13 and it went thru next round number to .75 or so... actually a nice % gain of like 2%?
i spent alot of time looking at AAUK. i own it on a position trade from lower, but with all the action with N and now EZM, im looking to build a bigger pos.
nice snag zoomie !
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