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Thursday, April 05, 2007

One from Wednesday...

Posted by Tom C:

This is another trade I would not have caught without studying X. He taught me to look for these upper tails at critical levels...at first glance, most people consider upper tails bearish. But if they occur as part of a consolidation near the high AND at a key level such as an MA or the OR high (or both in the case of IMCL), an upper tail can be bullish - provided price rallies on the next bar to take it out.

With IMCL, price gaps up and pulls back forming a "U". It works its way back above the OR high and I entered on a break of the 18th bar high. I sold at the Fibonacci extension of the previous day's low to the OR high.

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MillionDollarJourney.com said...

I'm looking at MTRX this morning as a potential candidate for a "trader-x" gap up trade. What are your thoughts?


bl said...

Tom C,
I traded IMCL 8/30 hammer bailed when retested 42 from above...went to the fib ext. Also CYMI 3/30 doji bailed when it stalled...it continued on.

bl said...

Hyper-bio moves today. Have you noticed a 10:15 push to new highs by alot of stocks over the years? And many keep going. Might be interesting to put the scan back on at 11:10 see what the net brings. CELG 8/30' CROX OR b/o 10/30' for small gain. A lot of good set ups(gap/no gap): blud 5/30 stec 5/30 vocs 2/30 medx 5/30 celg 1/30 5/30 dndn 4/30