Peace, love, and Rock 'n' Roll.
edit - TJ posted in "Comments" that the 30-minute chart was a nice set-up too. Here is the chart - the only red flag was that the entry was below the OR high. It was compelling nonetheless.
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Tags:
trader-x, stocks, fibonacci, trading, rht
14 comments:
It worked nicely on the 30-minute too. 9th bar.
Merry Xmas all.
TJ
Merry Christmas Trader-X!!
Your blog is the best gift that someone can give.
Best thoughts for you and all your readers for 2007
Nice trades. I agree that wait for your pitch is the key to success. Thanks for a great blog.
Merry Christmas X. THanks for everything.
Merry Christmas everyone!
Good X style trades and really good points about how wise it is to wait for confirmation in trades or at least put on only small positions and then adding to them once confirmation arrives.
Good Job!
I echo everyones comments. Happy Holidays to everyone and especially X, Tom C., and all.
I am missing something as to what makes the better entry on this chart. My naïve thought is that the candles narrowed at the OR high and the 14th candle break of the 13th candle high would have attracted my attention as the entry point. But it took several more candles before RHT took off. The 18th candle was a perfect entry, based on how RHT took off at that point. But the candles before the 18th had widened in range, so this would have made me hesitate. Enlightenment needed, TIA and happy festivus.
Mike
I think the entry you point out is valid (and probably the best) - fourteenth candle break of the thirteenth candle high.
I missed that entry as I was busy with other positions. I actually tried to get in on a break of the fourteenth and fifteenth, but the next bar never broke the previous bar's high. So, I caught it on a break of the seventeenth. The seventeenth was also an "offsetting" bar which I have discussed in the past and showed great strength and a strong bar as it moved off the OR high with support from a rising 5MA.
In short, you pointed out the "best" entry. But I miss more than I take...fortunately RHT gave another chance.
See you in 2007 X!
The only problem with that entry X is that you would have been stopped out by the 17 candle low? Or am I looking at the chart wrong?
Barry, that is why I always do some type of swing point for my stop. It gives you more room to breathe. For this trade, it would have been the 10th bar low. You would have stayed in, and made a nice profit.
Or, you could have just been stopped and re-entered on X's set-up. It would have still been a nice profit.
Hello all - I just wanted to drop in and wish everyone a joyous holiday season. I will resume posting - now and then - in 2007.
Regarding RHT and the stop, I have been talking to Trader-X about something that would have worked well on this chart. It is to watch for a break of the 5MA, and you close the position if the low of the bar that breaks the 5MA is taken out.
For RHT, it looks like (I don't have the full chart in front of me, so I am just eyeballing it) the 16th bar broke the 5MA, but the 17th bar did not take out the 16th bar's low. It immediately reversed - as price often does - and went on to rally.
Like anything else it works sometimes, and sometimes it does not. I have been using it as a trailing stop in entries after they start running. But play with it and see what you think.
See you in 2007. Thanks for letting me be a part of your blog Trader-X.
Tom C.
Merry Christmas!
A kiss under the mistletoe for you, my dear X!
Best wishes for many greenbacks in the New Year!
Hey Trader-X,
Wish you and everyone else a happy holiday season...
I was tracking SGMS today and it looked like a good setup to get in at around 10.30. But now its gone down. Can you shed some light on where I could have been wrong?
Thanks
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