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Monday, August 21, 2006

Monday's charts

Welcome to a new week.

I had a "quick hit" with PHTN this morning - ~3%. But it was a higher-risk set-up (the first bar was more wide-range than I like).

Charts later today - I hope everyone is making money.

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Charles said...

I am in PHTN, did you sell at the close of the 8th bar doji?

Zee said...

What do you mean by higher risk?

Trader-X said...

Charles, yes I did..if I were you, I would watch a break of the 11:45 low. If it does not take that out, you may ride to new highs again.

Zee - higher risk means there were factors that made the set-up riskier than something I would normally take. In this case, a first bar that was "wider" range than I like. Take a look at charts on the blog and you will see what I mean.

chud said...

Was the PHTN entry above the high of the 4th bar?

Charles said...

Thanks X. It made a nice hammer here - on the chart, it says it broke that low but my trade was not triggered. So maybe it is just a misprint?

chud - yes for me.

KayakHandy said...


I got KNSY(15 min.) on the break of the 9th Bar at $24.57(best I could do) and she retraced so fast to the 50% Fib line pulled back a little then proceeded to shoot to the next Fib level. Because I use the 3 and 1 min. charts, I was able to get out while the first sellers came back in KA-CHING$$$ out at $27.63!!! for $3.09 per share on an initial .18 cents risk.

I wanted to take a profit at the first fib point but KNSY just blew past it and worked towards the next. This was so huge for me today.

You guys have no idea how high I feel about this trade...well maybe you do. Sorry if this sounds like gloating

3.09 / .18 = 17R !!!!

Thanks X and every one here!

Heading for the car dealership to pay cash for that new Lesabre!!

Jose V. said...

Hi all
I've entered on the break of the 5th bar high on HNR and sold all on the Fib Extension. The chart was choppy but I liked the 30min chart and the way the 2nd bar closed above the 1st.
Any thoughts?
Thanks for this great blog Trader-X, Tom C. and all the people who post his comments.

dan said...

great job kayak, wish i would've caught that one!

was too hungover to trade today (going away party last night), did a quick scalp for .5R, nothing special. =)

hope everyone is catching some good moves today!

Anonymous said...

Hi Kayak,

Can I ask what made you enter KNSY there? I see the volume increased over the last candle, and the 9th bar was a hammer. Other than that, it doesn't look like a good place to go long to me.

What am I missing?


KayakHandy said...

Jose V,

Nice trade! I would have put my money down as soon as the fourth 15 minute bar started but no big deal. I think you got the perfect trade.

A nice strong gap of the first bar then that red hammer second bar and the third green hammer with a long shadow/tail. Couple the nice looking candles with that great volume...Classic! great trade Jose.

bidmarket said...

why didn't you sell at the fib extension around 12.58. ty

Jose V. said...

Thanks KayakHandy
What a monster traded you pick!
Congratulations and enjoy your Lesabre
I was watching KNSY too but I put another symbol on the chart and forgot to put it again.

Anonymous said...

Nice trade on PHTN. It looked a bit risky to me too- don't like chasing too much- and it went through my price so quickly I didn't get a fill on my limit. I also had VC but couldn't borrow shares. It was a couldawouldashoulda day.

KayakHandy said...

Hi Dan, sorry it took awhile to get back to you. Had a swing trade in BEBE and just got out after a bearish engufing candle just stopped me out at the top of the Fib extention range.

Anyway this is what I saw. First KNSY had a Fib plot from yesterday's high to todays low of $6.60 that is a huge gap!

The first candle finnished okay but not perfect but that second extended bar finnished so very strong. Combined together they made one fantastic 30 min. candle

Candles 3 thru 9 were all kind of narrow and the main bodies all finnised above the 50 percent area of the strong combined first and second candle.

The increased volume plus that Strong 9th Dragon fly doji that was almost hammer like signaled a possible reversal at the bottom and the bullish engulfing 10th candle just helped confirm that KNSY had a good chance to retrace higher on the Fib.

Maybe you should look at KNSY on the 30 minute chart and then look at the 15 minute to see what I saw.

I also look left on the chart and see what kind of longer chart pattern it has.

Also, I combine fundamentals with technicals...KNSY had a great earnings report but to read and listen to the idiot financial reporters you would think the Q report and guidance sucked eggs.

All of this made me even more positive of a reversal after seeing the narrow range main bodies of the bars stay above that critical 50% range of the first two strong fifteen minute candles.

The very low risk of .18 cents for such a great reward...even if it only made it to the first Fib retracement zone was just to good to pass up.

Hope this helps.