1.) What did I see?
A gap down - the first bar rallies but the second and third bars "roll over". The fourth bar closes below the OR low, and the fifth bar forms a "hanging man" below that level. Note the declining 5MA.
2.) What is the entry?
A break of the fifth bar low (the arrow looks like it is in between - it should be pointing to the fifth bar).
3.) What is the exit?
The target was the Fibonacci extension of the previous day's high to the OR low; DNA collapsed on the next bar so it did not take long.
Set-up grade = "B+"
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Tags:
trader-x, stocks, fibonacci, trading, dna
8 comments:
X,
Why is the entry the 5th bar instead of the break of the OR low which is the 4th bar?
Thanks,
TonyB
I am looking for some kind of candle signal and didn't see anything compelling in the fourth bar...
DNA-nice quick jab X!
What do you think about KOMG on Friday, 15 min chart? Thanks.
Hi X,
I was wondering when was the last time you actually did not make a trade during the day because opportunities were few and far between? Keep up the great work! Thanks!
jj...actually, the last time I did not make an "X" trade. They comprise the majority of my trading, but there is a small percentage of other trades I do that I don't put on the blog. So I trade every day - but there was one day in the past 10 that I did not have an "X" trade. Not because of a lack of set-ups, but because they were all shorts and for some odd reason I could not get any shares in any of the issues.
Having said that, there have been a few lean days in the past month. But that is normal. There are usually set-ups out there, it is just a matter of finding them and not taking the bad set-ups while you are looking.
BTW, like your blog.
Thanks X for sharing this info, it may not seem like much but it helps a lot to know how some of the expert traders trade :)
expert?
lol
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