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Tuesday, August 01, 2006

Tuesday's charts

posted by Tom C:

Here are a few trades from today. ATRS offered two entries - the first on a break of the 5th bar "hammer-type" candle; a riskier entry because it was below the opening range (OR) high*. The second was a break of the 8th bar high; a more conservative entry because it was above the OR high. The first entry returned over 5% for the move.

WIRE is one of X's "below the Fibonacci extension" set-ups. I entered on a break of the narrow-range hanging man (14th bar). There was also a valid entry on a break of the 13th bar low, but I missed it.

*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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Jon said...

Anyone care to comment on these:

KNOT break of of 3rd 15 min

AFFX break of 10th 15 min

WFMI (got stopped out on) break 4th 15 min

Trader-X said...

Looks like you made good money on KNOT and AFFX. Not sure what you saw in WFMI. What was your rationale?

Jon said...

I saw consolidation (albeit they were not narrow candles) near the OR and a breakout - similiar to what I saw in the other two. Could you also say they were engulfing candles?

Do you see actual setups with the other two? I'm new to trading candlesticks. I normally trade off of order flow.