I watched ESRX most of the day, and saw an opportunity on a break of the ninth bar high. Note how it moved into a rising 5MA, and both the eighth and ninth bars narrowed in range. The entry was below the OR high*, but it was a compelling set-up.
The target was the Fibonacci extension of the previous day's low to the OR high. It was not hit, but price came close and overall it was a great trade.
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Tags:
trader-x, stocks, fibonacci, trading, esrx
6 comments:
AMR was a nice fib extension set up 15 min 12th bar break.
ESRX was a classic setup and confirmation trade wheather it was a gapper or not or a Fib extention or not...this is the type of stuff my computers look for every day!
Nice trade.
AMR was nice.
Kayakhandy & X - does the fact the EMA5 acted as either strong support or resitance on the 3 previous days a factor in taking this trade ?
"...my computers look for..."
What scan criteria and software do you use ?
Thanks.
ngnf, I don't look back that far. But, I am sure it would not hurt.
NGNF,
I do look left for previous support and resistance before making every trade, also look left at different time frames and MA's for other potential targets to make possible swing trades.
A guy by the name of Steve Nelson and myself wrote the code for our personal scanning software...we both use to work for the compnay that does the clearing for the Chicago Xchange. every single day...millions of trades, billions of shares cleared. Together we got a pretty good idea what was going on.
NGNF,
Thats why we moved to a town that has its own high speed communications network available to the public or business...also have Charter high speed running as a mirror, then dial up...it gives me a good feeling to have backup when we run a couple Mill$ every day in lots of different markets.
Trader X and Tom C have given us another way to add to the Revenue stream...we knew how already but X's information has provided a refined way to set a scan.
Todays personal computers and internet connections are plenty fast enough to run complicated programs with ease, however with all the other background stuff running like virus, mallware and all the other crap its important to have lots of Memory on the computer and plenty of memory on the Graphics/AGP/PCI and PCI Express cards to run multiple monitors without hickups. You can run old cheap monitors just fine along with the new one that comes with the PC...we picked up few old 19 inchers for 25 bucks at auction...they run just fine alongside the new flat pannels, just takes up more space.
I would say that for the average at home trader you could buy two $600.00 Desk top computers and have one graphics card in each computer that can run 2 monitors for a total of 4 monitors then have a laptop for the 5th monitor.
I highly reccomend the fastest internet connection/s you can get.
Many things people do not talk about is the large Prop houses and trading platforms that sell your order flow to the highest bidder or partners that even bet against you...you got to know who your dealing with and how the system works.
Good Luck.
Hope this helps.
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