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Thursday, April 12, 2007

Thursday's charts

SU was a great set-up. Last week I talked about a candle closing at its high after crossing a key level. Here, the tenth bar rallied out of a tight range and was moving up off the 5MA. It crossed the opening range (OR) high and closed at its (the tenth bar's) high.

I entered on a break of the tenth bar high and sold at the Fibonacci extension of the previous day's low to the OR high. SU also provided a "beyond the Fibonacci extension" set-up which I marked on the chart.

MUR was by no means a perfect chart. It gapped up and bounced around the OR high for six or so bars. I did not like the weak third candle, but I did like the way the ninth bar formed a "hammer-type" candle, closed above the OR high and at its (the ninth bar's) high, and had support from a rising 5MA.

I entered on a break of the ninth bar high and sold at the Fibonacci extension of the previous day's low to the OR high.

I give SU a grade of "A-" and MUR a grade of "B-".

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ADD Trader said...

Just closed out of my SU position. What a trade!

Never would have been in it if not for your help X (and Tom). Thanks!

I owe you both a beer or twelve!

ADD Trader

David R. said...

Saw SU but let it pass for some reason. Great blog, keep up the good work.

Closet Daytrader said...


I would like to know how you would trade (FAST)... on a 15mins? Is there an entry somewhere?


Jack said...

Anyone traded MEDI today? I was lucky to get it.

Anonymous said...

anf - above the fibonacci extension, 13th bar hammer.


bl said...

Closer DT,
FAST not a real X Trade. A momo that hit 1.38 at 2/15" and rallied. Like PTEN that took off late in the day. Some others: MEDI 8/30" ANF 6 or 7/30" CDWC 2/15" fib b&b

OBAT said...

Hi guys,

I was wondering how you guys determine the opening range. Do you use the high/low of the 15 min bar or the 30 min bar? Trader X traded SU when it broke the opening range of the 15 min bar.


Bill Bill said...

OR is almost always the 1st 15-minutes now. X used 30 in the past, but I think he has settled on 15 now.