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Monday, December 18, 2006

Monday's action

There were a lot of short opportunities today, but amidst those I found a nice long. TEX gapped up with a wide-range, strong first bar. It moved sideways for the next six bars until it met the rising 5MA. The seventh bar moved up off that level, with added support from the opening range (OR) high. The entry was a break of the seventh bar high.

The target was the Fibonacci extension of the previous day's low to the OR high. It was hit two bars later.




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7 comments:

estocastica said...

Awesome trade X! Had this on my watchlist but ignored it all day...shows how much I know!

Richard said...

I took this exact trade today. I think this is the first time I've made a Trader-X-worthy trade. :-)

mc said...

I'm going thru my nightly scan and when I saw 30 min chart today for this ,my gut feel said that this is a kind of trade you would take.

And so here I am checking your blogsite...

Prospectus said...

X, are you looking for strong first bars over really wide first bars? I wouldn't have called this one wide range, but I'm still just learning...

Trader-X said...

exengineer - I look back at the past week or so to see if a bar is too wide-range...TEX had several similar bars over the past week. While it may have been wide-range in pure dollar terms, it was not that wide-range in relation to the previous action of the stock.

Trader-X said...

estocastica - you know I miss more than I get, and that is the way I like it!!! It does my mind good to look at my watchlist after the close and see all the opportunities I did not take...I know my methods are sound, and there is always room to improve!

Trader-X said...

richard - good trade!