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Tuesday, November 28, 2006

FRO - 112806; 15-minute chart

I did not find a lot of opportunities today. Luckily I caught FRO as it re-tested the OR low as resistance:

The entry was a break of the ninth bar low. The ninth bar left a long upper-tail and closed weak (below the 5MA). FRO fell from that point and hit the target - the Fibonacci extension of the previous day's high to the OR low - later in the afternoon.

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Flatwallet said...

Nice trade...I had it on my screen but I had to pass since I took up your challenge of mastering one type of setup before moving on to all the other types of setups.

You've angered my brokerage and left me wondering what to do with my time. Damn you X for giving us good sound advice. We are now bored and can only play minesweeper so many times.

QQQBall said...

STLW. used 1st bar low (LOD) as support, bought right off that level with .11 stop loss. sold 1/3 at 7.29 1/3 at 7.43; and EOD at 7.23. i give my trade a "C" as the overly large 1st bar should have caused me to sell 2/3 at 7.43 when price stalled. i could have been in and out in under 15 min.

i watched HP break the first 15m high - i knew oil was kinda bottoming & expected good day in oil patch...i just have trouble psychologically buying a break that early in the day. prefer PBs.

your trade was a beauty - i love those PB shorts - they are generally good for at least .375 - .50... nice trade!

Jim C. said...

A general pattern that has worked recently is as follows:
1) Gap opening wrt previous close but not beyond previous H/L
2) OR reversal from initial gap direction
3) Low risk entry at or just beyond OR.
Here are a couple of examples from today.
PNTR 15-min: Break of 3rd or 4th bar low.
VSE 15-min: Break of 2nd bar high - thin on the break and perhaps too low volume overall.

QQQBall said...

Jim C,

i dont understand the abbreviation "wrt" in the statement below. TIA

1) Gap opening wrt previous close but not beyond previous H/L

Jim C. said...

wrt = with respect to

Inept Trader said...

Where did you place your stop after you entered?


Bill Bill said...

The stop is always the opposite extreme of the entry bar.