SRCL presented a low-risk set-up on a break of the ninth bar high. The eighth bar crossed above the OR high, and the ninth bar printed a narrow-range, inside bar.
I sold when price hit the Fibonacci extension on the next bar...and I left some good money on the table. It happens some times, but price also reverses at the Fibonacci extension with great consistency (you can't always be perfect!).
Regardless, I am happy with .46 in less than 15-minutes.
note - SRCL also provided a classic "bread and butter" set-up...I don't trade them much anymore, but it is worth noting. Do a search (top of the blog) if you are not familiar with it...
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Tags:
trader-x, stocks, fibonacci, trading, srcl
4 comments:
On Sunday, May 06, 2007., you wrote " 1.) Only use stocks with an average daily volume of 1,000,000 shares.."
SRCL avgerage daily volume is 220K.
Can you comment?
Yes - I was giving suggestions/ideas for making a watchlist shorter. That was one of three.
Damn that thing exploded. I would have probably held it all the way back down though.
Five minute parabolic SAR would have kept you in longer. Pivot point R3 resistance from low on 05/08 was 90.29. High on 05/17... 90.30.
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