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Tuesday, August 29, 2006

Some charts...

posted by Tom C:

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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4 comments:

HT said...

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!

T. Webb said...

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.

SoCal_Trader said...

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...

NO DooDahs said...

AZN has actually been a good long-term trend-following trade for a while, too. Check a six month or annual chart