ACOR - 022107; 15-minute chart

posted by Tom C:

I thought I would get this up before blogger goes down again.

This trade is similar to the GRMN trade yesterday, but a short set-up instead.

Negatives - (1) 2nd bar could have been closer to the 5MA, (2) entry was above the OR low

note - see the previous post by Trader-X with the "Running through mud" analogy

Positives - (1) 2nd bar was a hanging man type candle (but not a textbook hanging man), (2) 2nd bar was in the lower 1/3 of the 1st bar's range.

I entered on a break of the 2nd bar low, and sold two bars later at the Fibonacci extension of the previous day's high to the OR low.



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Tags:
trader-x, stocks, fibonacci, trading, acor