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Thursday, May 17, 2007

SRCL - 051707; 15-minute

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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Anonymous said...

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?

Trader-X said...

Yes - I was giving suggestions/ideas for making a watchlist shorter. That was one of three.

GBR said...

Damn that thing exploded. I would have probably held it all the way back down though.

Anonymous said...

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.