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Thursday, December 14, 2006

Today's PGLA...

Drumroll please...


Have fun.

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ra said...

Nice hammer on the 12:00 bar, but no real gap to show up on my watchlist.

Mike said...

I had a trade today where I managed to make 37 cents. I want to see if anyone had any opinions on this set-up. Was I just lucky? Or was this an adequate set-up for taking a trade? The stock was TMO. It retraced to the 38.2% fib where, using 15-minute candles, two narrow-range hammer-like candles were printed. I went long during the sixth candle break of the 5th candle high, which was also at the 5 period MA. The ninth candle really took off, but when it started what looked like a substantial retrace I bailed for 37 cents. Here is my chart, http://tinyurl.com/sp3ck

Trader-X said...

It showed up on my % gainers list. I am not in it, but it is fun to watch.

Who knows about Tom C. though. He may have been all over that hammer.

Trader-X said...

mike - it actually formed the hammers just above that level...I would have liked to have seen them right on the line (and right on the 5MA).

But, I see what you saw and for the most part it was a good "bread and butter" set-up.

Nice way to get out with a profit. That upper tail on the ninth candle was an early warning signal.

Mike said...

Trader-X, thanks that is good to know about looking for the hammers right on a Fib line. Mike

Mike said...

Trader-X, About your parenthetical comment (and right on the 5 MA). I was using the simple moving average, and one hammer was above and one hammer was below this MA. Using the exponential moving average, both hammers were clearly above the EMA. So I take it you use the EMA and not the simple MA? TIA, Mike

J said...

MIKE: Great trade. I too snapped it up on the 5th candle. The 5th candle was an inside NR Hammer sitting on support from 52wk HI too, which made it easier to swallow.

I took profits at the following points of interest as I always do when trading within the morning 15min OR.

When I trade within the OR at support or resistance I will only take the trade if it offers a bare minimum 3:1 reward from entry to 1/2 the OR. I will take partial @ 1/2 OR (in this case 45.90) then remaining 1/2 as it gets into the OR shadow/wick. I don't like to get greedy trying for OR HI since trade was paying big R's by this time. No time to hang around longer than you need to....greed kills profits.

AMD and WOR were other trades I was able to snag today.

Keep up the good trading.