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Monday, November 13, 2006

Monday's action

posted by Tom C:

I hope everyone had a great weekend.

I had a nice trade in ILMN this morning (30-minute chart) - short below a break of the 3rd bar low. I don't think X would have taken this trade as there were several red flags; the first bar was a little scary - a long upper and lower tail, or a "doji" which indicated indecision. And there was a little too much space between the 3rd bar and the declining 5MA. But the 2nd and 3rd bar narrowed in range and stayed below the 50% mark of the 1st bar's range. And the third bar left a long upper-tail and closed weak.

As mentioned above, I entered on a break of the 3rd bar low. I sold 4 bars and $2 later at the Fibonacci extension of the previous day's high to the OR low. I will put up a chart later.

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1 comment:

QQQBall said...

i took a discretionary trade today... ERF off of the bottom. long at 39.30 - ST target was 39.61 - it got to 39.60... then PB'ed and i closed it at 39.39... it then proceeded to rock up over a buck from there.... it was counter-trend so i erred on cautiousness... even so, maybe ill consider a BE stop on the next one. happens. im focused on Canroys these days