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Wednesday, January 24, 2007

Wednesday's charts

posted by Tom C:

X would probably rate this a "C+" - there were some long lower tails and the entry was above the OR low. But, I took the trade aware of the increased risk; and that is OK as he always says! I covered at the Fibonacci extension of the previous day's high to the OR low; look at the sharp reversal at that point!

HSY; 30-minute chart




I entered this trade on a break of the OR high, and although it did not come close to the Fibonacci extension of the previous day's low to the OR high, it was still good for .40. I closed on a break of the 3:30 low

MT; 15-minute chart



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3 comments:

KayakHandy said...

Nice trades!

My big ones were GOOG off of Yahoo's earnings which caused a multiple expansion and GS off of the "State of the Union" speech...any trader that payed attention to when the President said we will "promote a strong economy" could instantly see that statement was a hint to the Fed Chairman to tread lightly!

Next was GLW, YHOO and PETM

Francis said...

Nice rising 5MA on MT.

Roger B. said...

Great trades. I like setups like MT when the cross the morning high.