BIDU offered an interesting opportunity today. It gapped down but rallied and moved back up through the retracement zone from the previous day's high to the OR low. The twelfth bar broke above the previous day's high, and the thirteenth through fifteenth bars consolidated above that level. The fifteenth bar formed a textbook hammer, and also had support from the rising 5MA.
I entered on a break of the fifteenth bar high, and sold six bars later at the Fibonacci extension.
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Tags:
trader-x, stocks, fibonacci, trading, bidu
6 comments:
I took BIDU on the 7th bar break. Was that an entry you would have considered, or was I just lucky?
So it's the candlestick pattern that's most important in deciding whether to take an entry? It looks like the OR high and the ema support are supporting factors, but it's the candlestick that says "enter now". Correct?
Couldn't wait to return from a memorable Memorial Day and locck at Tom C's BIDU chart at midnight another 5 hrs and I'll be up! Personally I like the 5/30 min combo: 3/30 hammer and 14-17/5 consolidation. The 8/10 looks good too. All with 5&13 ema's. I'm not convinced using the 10min only chart but hey...!
Albert, that was a good entry and you made more than me.
Prospectus, my entries have always been based on candlestick patterns. I like all of it to line up - MA, some sort of Fibonacci catalyst, et cetera.
Any thoughts on CWTR off the 11:30 15 minute candle? Thanks!
dave, it was on my list Wednesday but I passed. The 11:30 bar was not really any type of candle signal for me and I didn't like the upper tail on the 5th bar.
It looks like it worked though if you put your stop below the swing low of the 7th bar.
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