Last month I posted some 10-minute charts using the same rules and set-ups covered in this blog; the only difference was the timeframe. I received a lot of requests for more 10-minute charts, so I thought I would post one before X returned.
DNDN gapped up and quickly fell to the retracement zone. The 2nd-5th bars rallied and consolidated in the upper 1/2 of the morning's range. The 6th bar crossed the opening range (OR) high and while it did not close at its (the 6th bar's) high, it did close strong (a variation of a set-up covered extensively on this blog over the past month). I entered on a break of the 6th bar high and sold for a .50 profit as the next bar hit the Fibonacci extension of the previous day's low to the OR high.
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Tags:
trader-x, stocks, fibonacci, trading, dndn
4 comments:
Nice. I have been looking at 10 and 5 minute charts, but not trading them. Interesting.
Selling at the Fib extension comes in handy because that thing cratered at the end of the day.
that 3rd bar when it was trading at the top of the wick and of the days range wouldnt have triggered u in?
p
Anon, no the 3rd bar high wasn't taken out. So even if I was looking to enter, it wouldn't have triggered.
Nothing wrong with entering below the OR high as long as you are aware of the increased risk. I do it every day. But I prefer a break of the OR high because it is a higher win rate.
Tom C.
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