posted by Tom C:
I did not find much opportunity today. I was watching GD as it approached the OR high around 2:00. It caught my eye because it made a strong recovery after pulling back from the initial morning run.
The 19th bar crossed and closed above the OR high, and had support from the 5MA. I entered on a break of the 19th bar high, and sold at the Fibonacci extension of the previous day's low to the OR high.
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Tags:
trader-x, stocks, fibonacci, trading, gd
2 comments:
Some interesting charts from today NYX (9th 30') LFC (30') MGM (3rd 30') GROW (6th 30') NVEC GOAM FFIV( big winner 15')
I am taking the liberty of replying to your trades Ibcando
BBBY and IBM dont really see any low risk entry ( 5 EMA on 15' is too far away and outside bollinger bands)--if you try to force trade you will prolly get stopped out.
On MED, the 8th bar is the inside bar after the two bullish bars before that (the 6th and 7th), break of the 8th bar would be your entry with corresponding stop.
That being said, I generally like to trade in direction of the gap 90% of time, with daily chart behind me. For me opening gap reversals are very hard to trade.
If you are finding that you are getting stopped out on 15' bars of finding stocks hard to come by on 15' switch to 30 min charts--you will find equally good set ups there.
I have two chart windows-15 and 30' that are sync'ed and when I scroll thru lists I check set ups on both 15 and 30 mins. My best trades (% wins) come from stocks that set up 15' and 30' simultaneously.
Hope this helps. It does take literally seeing thousands of charts before you begin to realize what works and what doesn't. Good luck tommorow.
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