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Tuesday, April 10, 2007

Tuesday's action

posted by Tom C:

X is away, and while I did trade today I had no "X-type" trades. If you had any good - or bad - trades feel free to post them in "Comments".

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10 comments:

T. Webb said...

I traded ERICY off a break of the 2nd bar high.

Jeff said...

Choppy day. Traded STX below the 6th bar on the 15s - nice NR7 with power. Got stuck on it's OR bottom and turned around to stop me out at 21.68. Took a 1R on this one.

Second trade was in PGNX. Entered above the 16th bar above the OR high. next bar tapped it and turned on me. It chopped on the OR high until the 22nd bar where an upward triangle was forming. It exploded up and I thought it was going to run, but it turned around and headed for the OR high again. I sold .04 up...thought it was too choppy.

I saw few trader-X setups today. So I did a Maoxian dummy on the first trade. I probably should have stayed out today.

Ben said...

Anybody caught CHK off the 3rd 15 mins bar high? I took the trade since it looks like a Rrader-X type trade, the small gain is nothing to write home about though.

Closet Daytrader said...

I traded INCY off a 15 mins chart. I entered Long on the 10th bar, when I saw a strong 9th bar climbing above Opening High. I thought it was a great setup because the prices were consolidating from the 4th - 8th bar with NRs, and Inside-Bars along the way. It just went south afterwards.

Does anyone see anything that I don't, and can someone share some insights with me? Thanks in advance.

ADD Trader said...

Attempted to short STX, but reversed and went long, saving the day for me. Check the chart out on my blog.

ADD Trader

ADD Trader said...

Hi Closet,

For what it is worth.....

The high of 9th bar did close strong above the OR high, but below the high of the day and you had a big tail on the 3rd bar to be wary of. Maybe of more importance though is that the high of the 9th bar was the exact high (7.70) that INCY made on a daily chart on 2/2/07. I know X doesn't look at larger time frames, but they can come into play, ESPECIALLY on large gaps right up to resistance.

Also, sometimes a good set up just doesn't work out. That pullback on the 10th bar (leaving a long upper shadow) should have been a sign to possibly close the position. And if not, then definitely on the pullback from the 13th bar high. Three failed attempts to break out tell you (in my opinion) that the chances of it happening are slim.

Not to say I would have sold....just look at my short in STX...I had three chances to cover and didn't. Doh......!

ADD

bl said...

closet dt,
I traded INCY 3/10" OR b/o and stopped out. 15' chart said no trade but was trying 3/10' bar b/o. What I saw today was hyper-bio sell off with many other gap/no gaps coming out of nowhere: thrx nhwk fslr nice joyg crdn ctas ericy that rallied.Flexibility is key. adsk 2/15 b& play

OONR7 said...

bl... your shorthand always gives a chuckle.

bl said...

oonr7,
10-4...!

bl said...

X, Tom C,
The gap ups have reversed recently.Any pointers concerning shorting these reversals. Ibid(just for your oonr7 :)) with gap dn reversals? Let's do it!