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Friday, January 05, 2007

Friday's action

I am taking off after the close, so look for a few charts this weekend.

I found two good long trades today - both 30-minute charts. NYX, off a break of the sixth bar's high (despite a few worrisome upper tails). And BRLC off a break of the fifth bar's high.

Take a look at those, and answer the three questions on your own. I will post my analysis over the weekend.

Feel free to post your trades in "Comments".

PS - RIMM is a monster, up almost 3% again today. And SIRI had a positive week - I am sure that fulfills some kind of ancient prophecy and the end of the world is imminent. Now I really am gone for the day!!

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10 comments:

lbcando said...

Have hit a rough patch and was wondering if you could let me know ..were these bad trade choices or simply trades that did not work out...

all 15m..NVS LONG off break of 2nd bar

TM LONG off break of 4th bar

MOT SHORT on break of 8th bar..a fib retracement trade.

I appreciate any of your insights.

Thanks much,

Lbcando

Anonymous said...

lb, my .02.

TM - gapped down, and had a declining 5MA right above your entry. I don't see why you would go long this stock.

MOT - I think you were looking for X's bread and butter short as it hit the retracement area. I only take these if the bars leading up to that point show some weakness or indecisivness. MOT had 3 really strong bars in a row off the gap down, so I would have been reluctant to short into that strength.

NVS - I would not have taken this, as I like a hammer or some kind of candle signal to get long. But it appears to me it DID work. It hit the Fib extension of yesterdays low to the OR high. There was not much profit potential, but again the trade did work. I assume you held as it hit that area and reversed?

Hope that helps.

TJ

JTT said...

X - I look forward to your analysis of BRLC - curious why you did not jump in at the second bar as it looks quite higher than the OR bar. (I am just learning so not a critique of your trade - just trying to understand how you chose the entry point) Also, I looked at a 15 minute chart and would the 11:15 bar be a better entry point (actuall the 11:30 looks like the inner bar as compared to the 11:00 bar) so was wondering why you waited until the 11:45 bar (your 10th, my 5th bar) thanks - jtt

Gary said...

Here s a link ( from trader Mike's blog--he s got a whole bunch of other useful stuff you should browse thru under archives and subject index)on how to trade gaps--just memorize it and see the stock how it presents itself.

Set ups today included NYX(obviously everyone traded this one) SLAB 15', MA @1300 COST 30', PBR (best gainer for me) ZOLL (didnt take this one)

http://tradermike.net/2003/12/how_to_trade_opening_gaps/

T. Webb said...

I love Trader Mike, but there is no better place to learn how to trade gaps than on this blog.

Why send someone elsewhere?

Bubs said...

Hello X,

Great site have learned tons of stuff from this blog alone. I just started my own blog and was wondering if you could help me out by linking me? The address is www.bvitha.wordpress.com. Thanks

Bubs

estocastica said...

Fifty Pills looks funny. Kristen Bell is an extremely underrated actor -- she does an excellent job in Veronica Mars (which is a great show).

lbcando said...

TJ..Thanks I appreciate your commentary they were very helpful.

Lbcando

Victoria said...

I agree on Fifty Pills...looks great.

X, you and I have the same taste in movies and music, and TV.

You do realize 24 starts next week?

Trader-X said...

Victoria - re: 24, yeah. I figure it will probably knock me out for a whole week. I have read several pieces about it (including the King piece) and it has gotten rave reviews.