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Wednesday, November 29, 2006

WINNV - 112906; 15-minute chart

As was the case yesterday, I did not find a lot of opportunities today. But I did catch WINNV as it moved above the OR high and formed a nice, narrow-range hammer on the rising 5MA (see the thirteenth bar).

The target was the Fibonacci extension of the previous day's low to the OR high, and it was hit at the end of the day. Note how price reversed at exactly that point.

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NoGreedNoFear said...

I traded MBT, TGEN, IPAS, CHCG and SNDA, which all seem to be some of your setups.

Any Comments ?

NoGreedNoFear said...

Here are the details (all long entries on 30-min charts) :

- CHCG : fill the tail, entry at break of 2nd bar high.

- IPAS : fill the tail, entry at break of 2nd bar high.

- MBT: fill the tail, entry at break of 2nd bar high.

- SNDA : bullish bar at 5EMA with enguling pattern, entry at break of 3rd bar high.

- TGEN : fill the tail, entry at break of 2nd bar high.

Were does valid X entries ?


Trader-X said...

CHCG - way too far from the 5MA
IPAS - ditto
MBT - ditto, but seems you would have made some $$$
SNDA - not bad, it did not hit the Fibonacci extension, but a decent profit.

The 5MA is magic, I have been preaching it for months.

NoGreedNoFear said...

Thanks for the details.

You recently posted on your site :
"Some set-ups I traded then I don't trade as much now, and some things have changed (for example, using the 5MA). All of the charts are there for you to see, but again I would focus on the recent past."

By this I understand the 1) U-V setups, 2) B&B setups and 3) fill the tail setups are still valid if and only if the 5 EMA is glued to the entry bar.

Is my understanding correct ?

QQQBall said...

great patience on the entry - that made the trade for you... excellent

Randal said...

Timing my entries close to the 5MA has made all the difference. It is probably the most important thing I learned all year. Thanks X!

Anonymous said...

Sorry, maybe it is subjective, but I don't see how IPAS, MBT, SNDA and TGEN is close to the 5 EMA on 30 min chart.

Trader-X, can you help clarify your definition of close to 5 EMA?


Trader-X said...

I didn't say they were close to the 5MA - I said that price was not close to the 5MA at the entry indicated.

I like to see price touching - or almost touching the 5MA. If there is a lot of space between the 5MA and price, I usually pass...

Anonymous said...

Sorry X, my bad. Misread it.


estocastica said...

Nice trade X and, unlike myself, you didn't get scared out by the wide spread.

Trader-X said...

Actually I do - I try to avoid it at all costs. But if I make the mistake and get in, I tend to watch the action on the chart rather that the bid/ask (which would drive me crazy)...