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Tuesday, April 24, 2007

Tuesday's charts

posted by Tom C:

Several times over the past few weeks we have discussed a set-up that occurs when price crosses a key level and that bar closes strong - preferably at its high.

Here are two such trades today:

RE was close to "textbook" as it closed at its high after crossing the OR high. The only issue was the small lower tail - the perfect scenario is that is opens at its low and does not go lower, and closes at its high.

CR was similar but a riskier trade as it left a small upper tail (as well as the upper tail on the 5th bar). But it ended up working out.

Both positions were closed at the Fibonacci extension of the previous day's low to the OR high.





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9 comments:

Jamie said...

Nice work Tom!

I had CR on my watch list but did not see what you saw. Good eye!

ADD Trader said...

Hi Tom,

Those were great trades.

Trader-X who.......??? Just kidding...!!!

If you want to see a couple of trades that are about as exciting as beige paint, check out my blog.

ADD Trader

R.J. said...

I actually entered CR on the candle prior to your signal. It was a nice hammer at the 5MA, but below the OR high.

Trader-X said...

To be fair, I didn't trade CR...TJ did. Sorry and I will make that clear in the post.

And, here is the link to ADD Trader's blog.

Tom C.

Anonymous said...

: )

I live on the edge. Thanks X for letting me contribute. You are the bomb brother.

TJ

bl said...

Good trades. RE 3/15 2/30 good set ups? CR 9/15 4/30? Traded: XLNX 5/15 break of OR bailed too soon, and went on to Fib ext. LTD 15/15 at the fib 1.38 ext stopped out, reversed, went beyond 1.62 ext. Any thoughts about china -7/15 short? Interesting hammer/doji: mxim6/15 tlab3/30 brcm8/15 smh7/15 cogo7/30 sndk b&b

bl said...

Interesting: the big point winners today over $50 rocketed up like crazy esp nyse. Available premkt at lower prices too: whr ibm enr esrx pcar mhs pre axe cdwc sna. Check the 1min charts.

E said...

Hi guys,

Just found out about this blog. Nice site! I'm checking if I can apply the same methodology on Singapore market.

I've identified one setup that looks like X's setup. Please see link below:
http://bp2.blogger.com/_aLk0OOvA4LA/Ri9pf2rejxI/AAAAAAAAAAo/EqTwRvxNeMg/s1600-h/2007-04-25+Ausgroup+15mins.gif

Can anyone comment if this is an X setup? If so, what grade would you assign it?

Thanks!

E

RJ said...

Looks like a good trade E.

Here is a shorter link.