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Tuesday, March 13, 2007

Late day trading...

Most of you know the majority of my trades come in the morning, but I get a lot of email requests to highlight trades later in the day.

CCRT was a nice set-up with a break of the 1:15 bar's low. That bar was weak, left a long upper tail, and closed at its low and below the OR low. A declining 5MA was also providing resistance.

The target was the Fibonacci extension of the previous day's high to the OR low - it was not hit but the trade still provided a gain of over 2%. I would give this set-up a grade of "B+" - only because it was later in the day and as a result carries more risk.

I could not get shares to short for LEND, FED, or IFOX but they provided nice set-ups and are good charts to study. Take a look at them, and answer the three questions on your own.

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Gary said...

BSC and FWLT only trades for me but nice ones--lots of misses though. NTRI LEH PLCE list goes on and on

One that didnt work for me was CTSH in hindsight my entry was wrong I entered break of 90.46 low shouldve entered at 90.33 low 15' bar break I hope some of you guys caught some good ones

J said...

I caught a few today and one for breakeven.

BSC 15M/10B
Exit = C of 11B (expansion bar)

Exit = 1/2 @ C of 14B and 1/2 @ C of 15B (expansion bars blew through 138 & 150 FIB's)

WM 15M/11B (waited for C below 7B)
Exit = Mod 138 FIB (prior day HI to 7B LO todays-pivot)

DKS 15M/7B
Exit = Break of 9B LO for breakeven

Note: WM 5B-7B were too far from EMA so did not enter, waited for better entry

Ray said...

Noticed Victoria traded CTSH on the 10-minute chart:


ADD Trader said...

Hi X,

Just curious as to why you didn't go short on the break of the OR low with the 12:45 bar. Was it because of the lower tail on the 12:30 bar?

ADD Trader

Trader-X said...

I don't see a real signal on that bar.

The bar I highlighted was a bearish candle with a long upper tail (bearish), pulling back to resistance and a declining 5MA.

BL said...

I observed for the most part with 2 bad no gap plays. With the market in a sell off mood ever since the Chinese 10% fall longs have been limited. Better oods with the shorts in this climate and of course that could turn on a time. News about subprime loans brought them down, along with the homes and brokers and rest of the market today and recently. What a "food chain".I've been using multiple ema's-5,10,13,20,34,50 on 1/5/15/50 min charts looking for compression and reversal. Interesting if you want to put your attention on 2 or so stocks, like bad news BSC and homes. Appreciate all the posting of trades from X, Tom C and rest.

BL said...

X, first bar on CCRT pretty wide hammer like with long lower tail. I also see possibility of trading the 9 NB doji bar break just under the curling down 5ema. Risky play but with that WB does that take away some of the risk? What's your experience with this type of set up?

Trader-X said...

I would never have taken this trade before it broke the OR low because of the long lower tail on the first bar. Entering above the OR low with that tail (bullish) would be very risky. In retrospect, I change the grade on my entry from "B+" to "B-" because even though it was below the OR low, it was a bit riskier due to that first bar...