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Tuesday, November 07, 2006

Tuesday's action

There are some good opportunities today. I had a great trade in SIE (15-minute chart), long off a break of the sixth bar high*. The sixth bar was the narrowest of the morning (NRM), an inside bar, and was supported by a rising 5MA. The Fibonacci extension of the previous day's low to the opening range (OR) high was hit six bars later.

More later - feel free to post your trades in "Comments". And don't forget to vote.

edit by Tom C - nice trade on the long side. PEC was a good short on a break of the 9th bar low. Note how the 6th-9th bars narrow in range and print inside, narrow range bars (below the OR low, with a declining 5MA). Price fell and hit the target 4 bars later.

*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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estocastica said...

Really nice trade. I had scanner problems this morning (prophet again!), so I had a limited watchlist. I did manage to catch PEC, short off the break of the 5th bar low. Declining 5MA, OR low resistance. Profits taken at the Fib extension.

Btw, I LOVE the 5MA! Thanks for sharing it (and everything else of course) with us.

Trader-X said...

No prob. I enjoyed your interview on StockTickr and put it on my links (lower right).

Everyone can check it out here.

estocastica said...

Thanks X!

KayakHandy said...

I was going to take the day off but how could the break away market be ignored.

Heres a few,

REDF on the retrace.
CAB 15min. second hammer
ICE was nice!

There were others.

Da Russian said...

Hey Trader - love the blog, has really helped my trading, caught SAFC long in the 3rd bar - just wondering how you keep track of all the stocks setting up (best ones) and how you determine which to keep your eye on after you missed the initial move like Tom caught in the 9th bar of PEC?
agian thanks for any info/help!!!

QQQBall said...

i posted above, but didnt see the bulk of comemnts were here. the scalp on FCL hit .50 move back down.