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Wednesday, March 21, 2007

Hump day trading...

posted by Tom C:

Did anyone catch GSIC this morning? The 3rd candle was a narrow range, inside bar with a close above the OR high...

And the 7th bar was a possible "beyond the Fibonacci extension" set-up...



Thoughts?

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21 comments:

Clive J said...

Hi Tom,

GSIC was all I could find. Sold half at fib ext. Sold rest on break of 14th bar low. Not seen many similar patterns recently. Volume held up well throughout.

Think I'll call it a day. Afternoon trading has been very poor for me of late.

Did anyone find anything else that went well today?

Clive J

Victoria said...

I watched it unfold on the 10-minute chart, but didn't pull the trigger as you pros would say.

BTW, go vote in my new poll.

: )

Charles said...

Victoria, I follow your blog and I think you can be considered a pro. When are you going to quit your job and trade full time?

And, I registered my vote!

greytrader said...

I was monitoring GSIC but did not pull the trigger. Thought it was too far from 5MA and was going to pull back.

Of course it did not and took off :-)

Not many setups so far this week.

David said...

Love your blog V!

Clive J said...

Greytrader,

I too thought it may pull back, but the 3rd bar was only about 10 cents, so I figured it was still very low risk. With an initial fib ext target of 65 cents, thats a very nice risk/reward ratio of 6.5R.

Easy of course with hindsight. I wish they all went like that!

Clive J

bl said...

Great trade X, and others who took it. I had my finger on the "to go" button 3/15 $21. It jumped to 21.06, I put a limit 21, it left with out my perfectionist self, and I didn't chase the 6 cents.:) Others I saw of varying grades: smrt 2/15 mscc 3/15 2/30 8/30 dllr 5/15 2/30 dakt 4/15 mama 3/15 nvda 5/30 adbe 3/30 7/30 prgs 3/15 wsci 2/15 ctas -9/15. FOMC day and I was thinking how to play the outcome: financials, housing worked well, but then why think about it too hard...QLD QID. QLD is up 3.5 pts since the announcment. I settled for ADBE 7/30 break for coffee money. :-)

Trader-X said...

I missed GSIC - it didn't appear on my list. I had a few trades I would grade "B-" and "C" - MS on a break of the sixth bar high and FMCN on a break of the eleventh bar high.

I will post a chart or two later.

Jamie said...

My thought is - I'm sorry I missed it. Nice work!

Anonymous said...

gsic- looked on one minute chart like it punched up through and ran fast in the first minute of the break. How far to chase and still be a good trade?

G.R. said...

You could have gotten in around 21.10 for a few minutes. The problem was that the b/o was at a whole number (21.00), so it had a lot of strength. I usually give around .05 so I probably would have missed it. Then again I would have been happy with 21.10 had I been using a market order.

Jerry said...

Nice X. I caught FMCN and a sub-par trade in MSCC that ended up working out.

K said...

Thanks in advance to X, Tom C. and all the regular posters. I've been reading here for a while and feel like it is finally starting to come together.

Would be interested in some help on my post mortem on CTAS. I entered on the 12th 15', break of the 2nd low. Worked for a moment then bounced. What did I miss.

Had success with AAI on break of the 11th 15'and also with ORCL. where I entered on a close of the 6th 15' and closed have at the 38.2 and 50% retrace.

X- curious why you give MS entry such a low grade? is it the wick on the 2nd bar? I took that trade as well and entered on the 38.2 ext.

Thanks again to all that post here and especially X and Tom. C. It really is amazing the effort folks put in to help others.

K.

Gary said...

I have often touted cybertrader's virtues, one of their tools is a nyse/nazdaq hi/lo indicator where you can also plug your own stock watchlist and when stocks start making new highs/lows for day ( and/or 52 week hi/lows) or approaching em you can view then as they scroll by.

Traded a lot of stocks off the hi/low indicator. Mostly with momentum stocks you want a low risk entry and catch the move early so that when you are exiting when momentum stalls.

PBR, FMCN, NYX, STLD, MA some of them--got out before fed meeting--dont like coin tosses.

bl said...

CTAS- I put in an order -10/15 break but looked at the -9/15 and saw how it almost touched the OR low and cancelled it as would have been a better entry. Also thought it was abit far away from the OR low and 1.38 ext was 35.75.

J said...

@K: My 2 cents on why CTAS didn't work for you.

The 12B was a nice looking B/O expansion candle but the problem with this entry is that if you look at the 15M and 30M chart the EMA it is too far away. When that's the case price tends to retrace or totally reverse. That would of been the red flag to move on.

Hope that helps.

clue said...

Hi Tom and X,

At 2nd 15min. bar close, GSIC and CTAS appear to be similar setups. What, if anything, makes GSIC the choice?

Thanks for your input.

Anonymous said...

CTAS? Looks like a gap down on my chart. How is that similar to GSIC?

clue said...

Hi Anonymous,

Thank you for your insight. Other than the opposite gap directions, 30 minutes into trading, GSIC and CTAS displayed similar, though mirror image, price action.

Anonymous said...

clue, GSIC was a set-up off the 3rd bar high. So, taking that into consideration CTAS was not a mirror-image set-up. Who cares what it looked like after the 2nd bar if you are comparing the two? It matters what it looked like after the 3rd bar.

Looking at CTAS on its own, if you entered on a break of the 2nd bar low you see it stalled at the 1/2-way point to the Fib extension. Had you covered when that happened, you would have had a nice gain.

A

Anonymous said...

Thanks for sharing your thoughts, A.