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Wednesday, January 31, 2007

Wednesday's charts

posted by Tom C:

X may be out, but I am still around! Take a look at the 15-minute charts of JNPR (short) and CHRW (long; still in at 1:15EST), and answer X's three questions on your own. I will post a chart later tonight or tomorrow morning.

1:30EST edit - I closed CHRW as it hit the Fibonacci extension of the previous day's low to the OR high.





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17 comments:

Terry said...

I also caught JNPR. Good trading.

Craig said...

I forgot today was Fed day and got whipped out of some positions. Damnit, I gotta start reading the news.

bidmarket said...

nice trades. Did the wide 1st bar on chrw concern you a bit?

TradingGoddess said...

LOL! - Craig!

Kevin R. said...

DELL warning after the bell, GOOG off $15. Should be interesting tomorrow.

Prospectus said...

I took ALL short on a 15 min chart. It didn't hit the Fib extension, but I got 1R out of it. Any comments on that setup?

Tom said...

DELL is up AH...market see Michael Dell taking over as positive.

I guess alot changes in one week - last week in an interview with Time, here is what Dell said:

Would you take over the day-to-day reins of the company again?

MD: I'd have to give them up first. I haven't stopped being involved with the company all the time.

But taking over as CEO?

MD: No. [CEO Kevin Rollins] and I run the company together. I haven't changed that, and I'm not going to change that.

greytrader said...

Nice trade on JNPR. What was your exit ? It missed the Fib extension by a bit and then reversed quickly. How tight is your trailing stop when it gets close to the target ?

Also CHRW entry was offsetting bars break of 9th bar 15min ?

Tom C. said...

Tom C. said...

bid, not really. I watched the way it consolidated and thought it was going to rally to the upside. I don't pay as close of attention to the wide bars as much as X.

grey, X always talks about using a wide line for your target - meaning think about exiting a few cents before the exact penny. With JDSU, it looks like $17.83 was the exact target. I had my order in to cover a few cents above that level. Had I been caught in a reversal before exiting, I would have covered on a break of the 5MA.

On CHRW, entry was a break of the 9th bar high.

prospectus, ALL looks like it was a good trade on a break of the 7th bar low even though it came short of the target.

Brian said...

Tom, interesting about Dell's comments in Time. You cannot believe anything anyone says now adays.

Thanks for posting it.

Sawyer said...

Tom C., I thought you would get a laugh - or a cringe - off of this.

http://www.elitetrader.com/vb/showthread.php?threadid=86013

Sawyer said...

I am trying to link to the thread I posted above. Hope this works.

CHRW thread on Elite Trader

Bill Bill said...

Sawyer-

Why would you short a huge gap up pre-market, before you even know what the stock is going to do for the day? That is bizarre.

Do those people really trade? I don't read ET. Now I know why.

Tom C. said...

More like cringe, Sawyer.

Several people post that they lose over $2,000 a piece shorting CHRW, and none posts a rationale for why they even made the trade. Not that there is much rationale for shorting a gap up in pre-market.

It is sad, really. No doubt those people have families relying on them and cannot afford to lose the money, yet what they are doing is worse than going to Vegas and betting it all on one hand of Blackjack.

R.J. said...

DELL gap doesn't look like it will hold.

bidmarket said...

once 1 or 2 bars penetrate the opening high or low and then pulls back below or above it, have you guys found those trades to be as good as if the pullback stays within the opening bar range?
thank you

Anonymous said...

bidmarket, for me it depends on what is happening with the 5MA. If it is providing support, then yes.

But first and foremost I look for some type of candle signal - a hammer, or a candle that closes at its high or low as it crosses the OR high or low.

Just my .02.

TJ