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Sunday, April 29, 2007

A chart from Friday...

posted by Tom C:

First, I have a lot more respect for Trader-X and the other bloggers who post daily. It is really hard to do when you have other commitments like family, events, and trying to make a living. So kudos to you guys - I don't think I would be able to do it full-time (I much prefer to drop by and post a chart every 2-3 days!).

Second, UAUA was a nice short on Friday. It gapped down and the 2nd-5th bars rallied to the 5MA where it promptly reversed (not the long upper tails on the 3rd and 5th bars). Price fell back down and the 12th bar crossed and closed below the OR high. I entered on a break of the 12th bar low...a riskier entry would have been a break of the 11th bar low which was above the OR low, but left a nice upper tail indicating weakness. Price barely (BARELY) missed the Fibonacci extension of the previous day's high to the OR low, and I closed the position at the end of the day.



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11 comments:

Mrs. X said...

UPDATE:
DAK = Mrs.X

I think that sums it up.

Roger B. said...

Nice trade Tom. Last time I tried shorting UAUA I could not find shares. Do you use the same broker as X.

Anonymous said...

Why did you pass on a break of the 10th bar low, which was a hanging man type candle.

thanks, Dave

T. Webb said...

Probably because the 10th bar was above the OR low, like the 11th bar.

GBR said...

I knew X was getting married!!!

Anonymous said...

Thanks T.Webb. I'm still new at this. I thought when deciding an entry one would consider the lower tail, not just the body. So, I guess incorrectly I was thinking of entering after the lower tail of the 10th was taken out. Thanks for your reply. Dave

Chris said...

X, where are you registered? And are you posting the photos on the blog?

: )

John M. said...

Hope you got a prenup man.

Richard said...

Nice trade Tom.

Congrats X if that is true. Not sure if it is a joke. Either way get your honeymoon out of the way and get back to blogging!

Brian said...

That means she is going to want to re-do the whole blog. You know how women are.

Victoria said...

I know this is not true. I am X's destiny.