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Tuesday, March 27, 2007

URBN - 032707; 15-minute chart

This is similar to Tom C's trade yesterday - but with less profit potential. Still, it was a quick .35-.40*.



*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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9 comments:

Jon said...

Hi X

Could you tell me how to use the fib extension tool. I know how to plot the normal retracement lines, so if long then from bottom to swing high, therefore the swing high starts at 0% and the bottom 100%, therefore if plotting the 138% extension I get the line under the 100% retracement whereas you have yours above. have you put in
-138.20% ? Confused!!

Jon

Randal said...

John, for above the high it is as follows:

High-Low, multiply that by .382, add that to the high.

For below the low, subtract that result from the low.

X has a spreadheet...send him an email he will send it to you. Or make your own...pretty easy.

Anonymous said...

Jon -- Are you using QuoteTracker? That's exactly the problem I had and first workaround I found was to plot -38.2 etc.

X -- speaking of software, did you decide to stay with RealTick or have you found another platform?

Joe

gary said...

http://calmtrading.blogspot.com/

URBN fibs for cybertrader drawn there with few interesting trades for today with charts--draw from previous day's low to opening range high --thats your 0-100%, then 38.2% of that, cybertrader draws em in reverse so got to re engineer them. It was a great idea posted here a while back in comments.

bl said...

AMLN 4/30 break at the 7/30, PPL 4/30. Both bot below OR sol near highs/extensions. Others I saw: eqix3/30 6/15 cvtx3/30 regn5/30 fcel4/30 pdli3/15. Late afternoon rides: erts. Not much on the table. Any other good charts missed? Helpful to post.

Jay said...

I traded PDLI off a break of the 3rd bar high.

Great blog Trader-X. New here and learned so much already. Bought tradethemove.com stuff, and will read it tonight. Thanks for your generosity.

vcn said...

jon and other qt users,
qt has some idiosyncrasies when it comes to plotting fib extensions. qt uses the older point as the 100% line and the later point as the 0% line. so, for longs, you want a line sloping down going from left to right instead of the intuitive right to left up.

here are the steps i use to plot fib extensions for longs:
1) draw a line starting from yesterday's low.
2) continue the line to today's OR high.
3) right click, and tell qt to make it a fib retracement.
4) draw the point from step 1 to some place after step 2 so you get a line that slopes down from left to right. make sure you keep the same level.
5) fin!

reverse the pertinent points for shorts.

the current beta version of qt has a very useful feature called snap to candle where it would snap a point to the OHLC points of a candle. i highly recommend getting it.

also, you can mess with the fib extension level options in qt's options using negative ratios. this changes the behavior, but i found that the above worked better for me.

- v

Babak said...

Same Q I asked yesterday re ABT:

why not enter on earlier bar? 7th and 9th both provided similar pattern... so why did you not take one of those?

thanks

Charles said...

the 7th and the 9th are not similar to X's when I look at them. His entry was just below the OR, coming off the moving average, and the real body was offsetting the previous bar's real body. All positive signs to me.

The 7th was extended from the ma and still too far from the OR. Besides, the 8th bar didn't take out the 7th bar's high...so even if you had wanted to enter, you would not have been triggered.

And, the 10th bar didn't take out the 9th bar's high...so even if you had wanted to enter, you would not have been triggered.