AZN was a Trader-X "bread and butter" long. The 5th bar formed a narrow-range (NRM) "hammer-type" candle at the retracement zone. It rallied from there; although it fell short of the Fibonacci extension, it was a profitable trade.
Yesterday, CAL was a good trade with an entry on a break of the 3rd bar high. I did not like the long upper tail on the 2nd bar, and realized there was increased risk with the trade. But the 3rd bar was a narrow-range (NRM), inside bar and CAL rallied nicely into the afternoon.
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Tags:
Trader-X, Stocks, Fibonacci, Trading, AZN, CAL
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4 comments:
Hi Tom C,
Nice trade on AZN.
Quick question ... how did this get on your shortlist today?
I didn't see AZN on the INET pre-market 100 list?
Thanks!
I have a fear that one day they will just shut down the blog because everyone asks the same question and no one reads the FAQ!!!
: )
Check here.
Nice plays today. I couldn't seem to find any setups worth trading.
When buying on a break of a previous candle, are you buying the break of the high for the candle (wick), or the break of the actual candle body?
Thanks...
AZN has actually been a good long-term trend-following trade for a while, too. Check a six month or annual chart
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