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Tuesday, January 16, 2007

SYMC - 011606; 15-minute chart

That should read 011607, not 06!

Regular readers know that I do not pay attention to - or try to game - the overall market conditions. I take good long or short set-ups as they come, and rarely look at the major averages.

But I admit I entered today with a short bias because of the nuclear bomb exploding last night. And then I remembered it happened on "24". Oh well...

I was watching SYMC; it gapped down and attempted to rally but quickly rolled over. Bars six through nine consolidated in a tight range above the OR low, and had a declining 5MA providing resistance overheard.

I entered on a break of the tenth bar low - the tenth bar was weak and closed below the OR low. The target was the Fibonacci extension of the previous day's high to the OR low; it was never reached and I closed SYMC at the end of the day for a 3% gain.



Note - I had to turn on word verification for "Comments". The spam is getting heavy, and I am tired of having to delete it every few hours. I am sorry for the added step - but please keep commenting and posting your thoughts/trades!

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6 comments:

Barry said...

lol

Is Curtis really dead?

lbcando said...

I was tempted to trade symc but I backed off because of the potential support of the 200 mavg on the daily. Did this play any factor in your taking the trade?

Thanks,

Lbcando

estocastica said...

Note to self: Do not read the Trader-X blog prior to watching 24 on TIVO. In addition, do not read the comments.

However, I expect no sympathy, because I should have just watched the show last night like everyone else! Where's my dedication? Oh well, just another valuable lesson learned by the strong fist of Trader-X.

SYMC was really nice. I wussed out on KNOT.

Trader-X said...

lbcando - no, I don't look at timeframes other than 15 or 30-minute.

esto - sorry about that!

estocastica said...

Don't worry about it...I should have watched it last night like the rest of the world!

I really enjoy the way you integrate non-trading content (such as 24) into your trade analysis; you are a skillful and humorous writer.

greytrader said...

X,
I must be doing something right as I am trading a lot of the same setups :-)
However I exited SYMC on a break of the 21st bar... :-( leaving a good chunk of money untapped. What would have stopped you out of this trade ? My reasoning was 21st bar closed above 5MA and 22nd bar broke 21st bar high.