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Tuesday, April 17, 2007

GCO - 041707; 15-minute chart

posted by Tom C:

I got off to a slow start today, and did not find a lot of "X" opportunities. I did trade GCO, and admittedly it was a "half-ass" set-up.

X would point out the 6th bar failure to penetrate the OR high, and the long upper tail. My entry was based on the 9th bar, which is a variation of what X has been talking about - price crossing a key level and closing at its high. But the 9th bar left an upper tail (as opposed to closing at its high), so I think it was weak signal at best. The 10th bar did not take out the 9th bar's high, but I bought when the 11th bar took out the 10th bar's high (with my stop below the 9th bar's low - which was back below the OR high).

Price rallied from that point and hit the Fibonacci extension of the previous day's low to the OR high.

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bl said...

Tom C,
Nothing wrong with sloppy money! and it was a preme-mkt too. Have been looking at latter day 30" charts for hammers, dojis, offsetting bars: jdsa-6/30 fslr-3/30 dndn3/30 josb8/30 cost8/30 aapl8/30 jaso-6/30. In the ballpark TraderX plays. Traded VRTX3/30(better at 2/30 doji) way soon exit. TELK1/5(should have stayed in on this momo a bit longer. 24 premkt Naz stocks(+14 -10) which had good selection over 50,000.

Glenn said...

INSW was nice but I was in below the or high.

Thanks for a great blog.

ADD Trader said...

Could I trouble anyone out there to check out a busted trade I made, and tell me what (if anything I did wrong)?

MDT. The twelfth 15-min bar closed strong above the OR high. I bought two tick above on the next bar (the exact high of the day), and two bars later, it had gone right down to my stop

ADD Trader

GBR said...

TX was a nice short on a break of the 2nd bar low. Maybe not an X trade, but an X inspired trade.

bl said...

MDT looks like a B&B play retracing in the morning to yesterday's high and then spending energy just getting back to the OR high. Imo this is the kind of stock you buy around 4/15 b/o. C+ set up?

ADD Trader said...

Thanks bl,

I also noticed, in my post trading haze analysis, that the OR bar was weak and indecisive, with upper and lower tails and finishing red. After noting that, your explanation even makes more sense. Thanks.

ADD Trader

greytrader said...

Hey bl,

4/15 b/o ???
Can you decrypt :-)

bl said...

I know my abbreviations/shorthand might bug or confuse peiople but 4/15" means break out of 4th 15 min bar.-4/15" would mean break down of 4th 15 min bar. That should clarify previous messages