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Tuesday, February 06, 2007

SINA - 020607; 30-minute chart

1.) What did I see?
A gap down and wide-range, weak first bar. The second and third bars narrow in range, and fail to stage a rally. The third bar is a narrow-range, inside bar that closes weak.
2.) What is the entry?
A break of the third bar low.
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the OR low. It was hit two bars later.

Set-up grade = "B-"; only because the entry was not below the OR low.

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J said...


I had an order to short CCL on the 30M/3C but they wouldn't give me a fill like usual. I use ARCA and 99% of the time it works fine but not this time.

When you short NYSE stocks which do you use to execute: ARCA, INET etc.?

and do you have any better experience getting fills other than ARCA?

uptik2000 said...

Wow, congrats. I tried shorting SINA too. Same setup...no fill even though I stepped it down twice.

Trader-X said...

I always use ARCA.

I have documented my displeasure with NYSE stocks and fills over the past few years. It sucks. I don't think it matters if use ARCA or not.

Trader-X said...

uptik2000, if it makes you feel better I only got 1/2 of my desired position.

Roger B. said...

What was up with you guys? I didn't have any problems.

El Toro said...

So when you use ARCA/INET to get in do you ever "chase" to get your entire lot or just take what you can get at that time?

Trader-X said...

I don't chase it - if it is falling fast and I am using a stop-limit (I will use stop-limit in the case of a wider spread) and I only get a partial fill, then that is usually what I stay with; sometimes price will come back up to my entry point and it will fill the rest.

On heavy volume stocks with a tight spread I use a stop market so I always get my fill...

More often than not, there are no problems with the orders and I get filled for the total (unless it is NYSE - in that case, there can be unlimited problems!!!).

Excluding NYSE, I would say 95% of the time no problems, 5% the stock is moving fast and I may only get a partial.

Followtrend said...

I knew it! When i looked at Sina Chart, I was wondering what a typical trading pattern traderX used before. ha. thanks a lot for sharing, traderX, you are genius.

Todd said...

X, check this out:


Todd said...

It didn't come out. It was a story about Prince.