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Tuesday, November 21, 2006

Monday's action

posted by Tom C:

X is gone most of this week, though he said he might pop in with a chart or two. I did not find a lot to trade on Monday - maybe you had more luck. I was watching AGN for an entry, and found one towards the end of the day. The 3:00 (ET) bar pushed down to test support from the opening range (OR) high, and the 3:15 bar bounced off that level, closed strong, and back above the 5MA. It was also a "Trader-X" offsetting bar (a down bar followed by an equal up bar).

I entered on a break of the 3:15 bar (ET), and the stock quickly rallied to the Fibonacci extension of the previous day's low to the OR high.




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2 comments:

em said...

nice trade Tom... I'm always leery of those late day setups. What has been your experience with them?

Anonymous said...

In general, they are always less reliable.

But, I suffer the same affliction as most everyone - I keep looking if I don't have a lot of trades in the morning!

Tom C.