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Monday, April 09, 2007

Monday's charts

X posted earlier about his DNDN trade...here is the chart:




I took a short in IN - I would grade it a "B-" because of the long lower tails on the 2nd and 5th bars.



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9 comments:

cheezyfool said...

quick question. hindsight tells us that entering after the 8th candle close was the ideal situation, but if you were trading without this future knowledge, what would discourage you from getting in at the close of any of the previous 3 candles?

i missed this one unfortunately, but got into several others. there were quite a few nice setups today. not all as nice as DNDN but they were there.

Trader-X said...

I don't see an entry prior to a break of the eighth bar's high...the seventh bar didn't trigger because the eighth bar didn't take out its high...the seventh bar didn't take out the sixth bar's high, and the sixth bar was not any kind of trigger/signal for me anyway.

The eigth bar was narrow-range; a hammer-like candle; and it closed green...moving up off support from the OR high and the rising 5MA.

chancee said...

I have a question regarding your answer to cheezyfool. So... are you essentially saying you had a BUY STOP waiting just above the eighth bar's high? - which was in this case, 21.39?

Trader-X said...

That would be acceptable - in this case, I was watching and bought with a market order when the ninth bar broke the eighth bar's high.

chancee said...

One more question. In terms of locating the stocks you trade, I assume you use a real-time scanner. I recently began using trade-ideas. I have it configured to show me stocks that: are showing a NR7 bar, 10 & 15 min. consolidation breakout, and 15 min. opening range breakout. My window specific filters are: daily volume - 300,000 shares, $20-80, min current volume - 1, and lastly, gap up by - 2%

Regarding these settings, my question is, I'm being returned quite a few stocks to analyze. Too many almost. What is your process for discerning early on which stocks will likely turn out to be winners in the course of the day? Many of the stocks I wind up tracking turn south after a narrow range bar. Any guidance would be appreciated. Thanks

jc said...

bl,

In your Elite setup, do you have your H/L filter automatically linked to your quote grid?... or is it a manual process to catch the output of the H/L filter? My settings show that they are linked, but it does not work as I expected... Thanks for any input.

Randal said...

All of that is covered in the blog. Click on the links to key posts at the top of the page.

Randal said...

That was for chancee. Sorry.

bl said...

jc,
The Elite H/L is a point and click link to get anything on your watchlist as with Trade Ideas. I suggested to both that one should be able to just "dump" the whole history into a watchlist after 15 min, etc, along with some auto scroll on the watchlist part. Too much point/click. DNDN OR b/o 3/15" bailed early. Also 3/30" 4/10" All good off the 5ema. FYI dndn nuvo medi cege most premkt volume.