But, GOOG did jump out at me on the 15-minute chart. It gapped up and after breaking the opening range (OR) high, it pulled back and formed two hammers at that level of support (as well as support from a rising 5MA).
I entered on a break of the fifth bar high, and sold three bars later at the Fibonacci extension of the previous day's low to the OR high.
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Tags:
trader-x, stocks, fibonacci, trading, goog
13 comments:
I had a great trade on WYNN, 15-minute chart, break of the 6th bar high.
Thanks for everything in 2006 X. Your blog has really made me a better trader.
And best wishes in 2007!
tell her to leave you alone during market hours
There was plethora of set ups later on in the day--personally I like set ups that set up on both 15' and 30' candles--EFUT NYX MA CROX PCLN IIG POT(high chart patterns pick) UPL
Hope you guys caught some of these
Thanks Trader-x for reducing the day traders failure rate :)--you ve made a lot of better traders out there.
terrance - good trade with WYNN, and thanks for the wishes. Same to you!
michael - if only...I was busy doing your financial planning
But if you put a good word in for me with Trading Goddess...
Nice trade, but my account is too small to partake in Goog. Maybe in 2007!
Thanks Gary for providing some charts for everyone to look at! And for the kind words - best wishes in 2007!
Ibcando I am taking the luxury of answering your questions--latest time--I used to have it around 1'0 clock when I first started trading but now I ll take it an hour before closing but its got to be a strong set up. I saw I was missing out too many trades if I set a time limit--check my last post above--lot of them set up later on in the day. If the set up is there take it provided you give it reasonable time to run. An hour seems like a resonable time to me ( two hours is better :) ) but you should know when to get out too if its not working.
Second question on ETF--hmmm tough to answer that one--personally I like stocks that can run after all thats what the set up is all about --return on your R you are putting on the table. Having said that--good old C (citibank) was good for 5R today. It s a personal choice. I like volatile stocks.
I will take trades any time of the day if the set-up is compelling, but I prefer morning trades. IMO and studies, they have more consistency and a higher win rate. Both drop as the day goes on...but, Gary proves there are still set-ups late in the day.
I don't really trade ETF's, but as long as there is enough volume there would be no issue in doing so if it is a good set-up.
Question concerning Trade-Ideas stock screen: It doesn't look like either Goog (or Wynn)would have been screened using a 1% gap minimum. Do you think the over $50 1% stock (and/or < $50 2% minimum i.e. RVBD on 12-20) screen minimum gap % should be adjusted? Thank You.
"Hump Day Trading" LOL!
I thought I would stop in and ask your opinion on this. I am in this stock as a long, and was wondering what a "trader" sees in it for tomorrow, if anything.
Your opinion is much appreciated.
TIA
TG - I am not that good with trades over 6 hours, and I usually need to see the price action after it opens.
Having said that, bullish. But don't hold me responsible if you lose money.
X,
Thanks for your thoughts on that. I appreciate your honesty.
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