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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Tags:
Trader-X, Stocks, Fibonacci, Trading, ATRS, WIRE
3 comments:
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
Looks like you made good money on KNOT and AFFX. Not sure what you saw in WFMI. What was your rationale?
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.
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