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Monday, March 26, 2007

ABT - 032607; 15-minute chart

posted by Tom C:

I bought ABT before it broke the OR high, but I liked the set-up and the "rising wedge" type pattern of the first eight bars.

I bought on a break of the 8th bar high and sold at the Fibonacci extension of the previous day's low to the OR high.



GROW provided a similar opportunity but I missed it. Take a look at the chart.

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11 comments:

ADD Trader said...

Hi Tom,

Almost took this one, but the small upper shadows made me think twice. Glad it worked out for you.

ADD Trader

gary said...

Missed FCX on first entry of solid bar --entered on the hammer at break of 63.49, bad fill at 63.53 but it still worked :)--nice cup and handle in BHP missed it--GROW set up nicely on 30' min charts but as usual missed it completely--BRNC another miss--all in all still a good day, called out the reversal almost perfectly in Glenn's room :) lucky trade there.

bp said...

Good trade, what surprises me is that ABT, came up first on my scan alphabetically, as it did on just about everyone else's... So WHY DID I NOT TRADE IT? cause Im the DUMMY!!!!
Thanks for all you have taught me....

Anonymous said...

my play was BSX. Shorted at 14.36 on the 5th candle when it broke the opening range low. Used the 4th candle high as my stop.

Covered at $13.92, (5 cents above fib extension).

Not a huge play but solid nonetheless.

Ben said...

I took this trade after watching ABT for more than an hour. The stock held up really well despite what the rest of the market was doing. My entry and exit was exactly the same as Tom's. This is my first dummy trade! Keep up the good work guys!

gary said...

http://calmtrading.blogspot.com/

posted some charts alongwith how I scan.

bl said...

Good trade Tom C. Noticed all the stocks that were up 1 pt in the first 30 min on my watchlist, gap or no gap, had some great below OR hammers and doji's on 30 m chart and blew out the OR latter on: nyx fcx aapl bhp grow others.

Jamie said...

Nice trade Tom! I took the sister trade in GROW.

Prospectus said...

Tom,

I traded ABT 15 min as well, but I got shaken out at the candle that closed below the 5-ema, near $56.41. I thought I was playing it right, but I obviously didn't. I see that you rode it out--good call!

My 2 questions:
--On a candle closing below the 5-ema, is that always an exit signal, or only beyond the 138% fib extension / Trade target?
--How far do you let a trade retrace against you once you've entered and it has moved your way? All the way to your initial stop?

bl said...

Prospectus,
FWIW, the 30 min chart has a better look to it than the 15, imo. I'm begining to favor 30m charts alot more over 15 but use both. Same entry but the 30 would have kept you in I think.

Babak said...

Why not enter on the 6th candle?