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Thursday, August 24, 2006

XRTX - 082406; 15-minute chart




I mentioned this trade earlier. Answer the three questions on your own, paying attention to how support becomes resistance.

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3 comments:

chud said...

What kept you from entering on the break of the 5th bar low?

Thanks.

EM said...

X... any consideration entering on a break of the 2nd bar low (XRTX, :15)? Stock gapped down, rallied back and then there was that huge shooting star at the top of the OR in the 2nd bar (very long upper tail) and the 2nd bar pierced the upper retracement zone. I've seen you take these types of entries before (usually with a much weaker first bar). Many thanks for your generosity in sharing your methods and thoughts in such an easy way to comprehend. Most folks would guard this info and not share at all. I'm certainly still figuring everything out and devoloping my own style that works for me... but the biggest lesson I'm learning is discipline. All it takes is one good trade!!!!

Trader-X said...

posted by Tom C:

I would have probably considered the 2nd bar - X likes his weak bars to close red though, like he prefers his hammers to close green.

The 5th bar was a good entry, but very narrow range. I would have made my stop the high of the 4th bar.