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Thursday, October 19, 2006

Thursday's charts

posted by Tom C:

GSF could qualify as a "spot the trade". A hammer at support from a rising 5MA and the retracement zone. The target (Fibonacci extension of the previous day's low to the opening range high) was hit late in the day.




ACI was another interesting chart. The 5th bar was a sloppy version of X's "offsetting bars". It was bouncing off support from a rising 5MA and the retracement zone. It didn't reach the ultimate target, but made a nice move back to the morning's high.



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3 comments:

TradeR:R said...

Looks like you're using a 5 EMA not a SMA. Have you tried using the SMA? I've used both, and am liking the EMA for day trade analysis.

QQQBall said...

nice trading tom!

i scalped PMI for 2R off of the retrace up near openeing price. could have made 5R+, but i had to run out of the office.

coal stocks have been strong.

BL said...

From a different angle steel stocks took off on earnings: nue stld rs x os ati aks mt crs rio cmc tex chap. Many gapped down only to reverse bigtime. Somtimes it pays to fly with the flock.