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Tuesday, January 23, 2007

CFHI - 012207; 15-minute chart

Tom mentioned the CFHI trade in his post. Here is the chart*, and I will let you answer the three questions on your own.



*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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3 comments:

socal trader said...

Hi X,

Nice trade! I noticed the looooong mid day consolidation and I would have exited after a little while. Do you always stay with the position till it 1. hits a fib or 2. hits your stop?

Thanks,

Socal

Trader-X said...

Socal - not necessarily. But it is hard to say when I would and would not exit early - it is more feel than anything. I liked the action in CFHI as it drifted sideways but down - and was below the OR low. I felt confident it would break...

P.K.D. said...

I have to learn more patience and discipline.

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