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Friday, April 27, 2007

It's Friday

posted by Tom C:

I had problems with my trading software on Thursday, and while I did trade I was unable to post charts yesterday afternoon before I had to tend to family commitments. I will catch-up today or this weekend.

Also, there are a lot of comments and questions on the previous post. I have not had a chance to look at them, but will try to do so in the next day and post some responses. Other readers - feel free to read and respond to the comments too.



Gabriel said...

May I stay a moment with the last published chart, XNPT?
I really want to know if you stayed / would stay with the original stop at the entry bar, or if when the 16th bar closes passed the EMA, losing all the gain, you move it to 2cents below the ORH, since crossing back would be BAAAD.
Amazing how it looks like RHT on 12/22 published by X, see the subsequent consolidation NR bar in both.

Trader-X said...

posted by Tom C:

Gabriel - I am not sure what you are asking about TJ's XNPT trade.

To me, a setup does not get much nicer than XNPT. It never crossed back below the OR high, so I cannot comment on something that didn't happen. And as far as the 2nd bar after entry pulling back...usually they don't just run straight away. Though, sometimes they will and that is nice. What I see is he entered and had a little pop (15th bar). The next bar after entry (16th bar) pulled back to test the OR high - the area that was resistance is now support. The next bar rallies and from there it is off to the Fibonacci extension.

Don't get me wrong - had XNPT run and then looked like it was pulling back and in trouble - say 5-6 bars later - I would have probably taken some profits. But the 2nd bar after entry? You have to give the trade some room. And again that 2nd bar after entry showed previous resistance was now support, so it was a very good indicator.

Not to be difficult, but maybe I don't understand what you are asking. I would give XNPT an "A-"...only because it was later in the day and those have lower probability. But it was a great trade.

The trade you mentioned in RHT on 12/22 was nice too - though it was a trade that had already broken the OR high and then pulled back and gave an entry. So, a little different.

OONR7 said...

Tom, TJ... you guys are doing a great job keeping the content fresh.

bl said...

TomC TJ,
Doing a great job. Thanks! My premkt scan >2% >100k $6-30:onnn swir arql intl wbsn syna flex alxa xmsr dndn jblu mlnm idti simo becn mdco. msft bidu as specials. nvtl sohu under 100k premkt. Some real good hammers doji marozou offsetting bars ib/nb reversals. Best: nvtl 3/10 sohu2/10&4/30 becn-7/10 idti-4/10 mlnm-4/10. I got the scan, now to trade. What did I trade? NTRI4/30 based on Anon day high base and break! EOT(equal opportunity trader)Have a good weekend.

ADD Trader said...

Hello All,

I have a nice trade going on in GE right now. I have an in progress chart up on my blog, where you can check it out. I will update it when I close the other half of it out.

By the way, I too agree. Tom, and everyone else are keeping this blog fresh, and I for one appreciate all the help I have received from it.

ADD Trader

bl said...

VSEA was on the premkt >$30. Wow 9/30 break at the 5ema. NVTL. Interesting idea for 2:22 afternoon breakout scan.

Gabriel said...

Thanks indeed Tom C.
I agree that the trade was great since I took it, but I left too early at the top of my entry. I was thinking of my $24 round trip commissions (wrong!). I saw the 15th bar make 60cents, and give them back in the next bar. I know I was wrong. But as a general reference, and maybe the question is for TJ: did you keep your original stop, or you moved it close to the ORH, in case it would not act as support. Or you would stay with the original stop because it is THE CLOSE, not the LOW what matters to see if the ORH gives support or not?
I learn a lot with you guys and greatly appreciate your efforts. Yesterday ALV and today UAUA worked well for me.
About RHT, I didn´t mean the whole trade, but from the entry in XNPT to its consolidation bar and later rally, that play seemed to me very alike the few bars before the entry in RHT and its rally.
Thanks again!.