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Monday, October 09, 2006

PLXS - 100906; 30-minute chart

posted by Tom C:

I did trade today, and missed a lot of opportunities. But I caught PLXS, which was another "U" set-up.

Price gapped up, fell to the retracement zone which provided support, and rallied from there. The third and fourth bars printed higher lows and higher highs, and I entered on a break of the fourth bar high*. The target was the Fibonacci extension of the previous day's low to the OR high, and it was hit two bars later.




*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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3 comments:

estocastica said...

Tom C: Great trade. I too felt that I missed many opportunities today -- I guess it was just one of those days. Thanks for posting your trades -- lots of great stuff!

nickm said...

Nice trade.. I had NRPH(which I missed) and few others on my watch list... Ended up trading CMG with entry just above second bar High ( actual entry 53.37 is within 4th 30 min bar). Peeled off 1/2 position at 38%fib extension and went flat at 50%Fib.

QQQBall said...

nice trading. Tom, that chart has a weird volume pattern