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Wednesday, May 09, 2007

SWS - 050907; 15-minute chart

posted by Tom C:

Nice post X.

I took a chance on SWS as I entered way above the OR low. It gapped down and after a brief attempt to rally price rolled over. The 4th bar was a hanging man with the 5MA serving as resistance above it (I would have preferred it been closer).

I entered on a break of the 4th bar low, and covered at the Fibonacci extension of the previous day's high to the OR low.



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4 comments:

bl said...

Excellent! Day Trading is a cross between tennis and chess.

Turbowagon said...

Quick question. Can anyone reccommend a web-based real-time e-mini futures chart offering other than BarchartX. I am using Barchart currently and I am nto really happy with it. Thanks.
Cheers,
Ed

Joao Henrique said...

Yes TomC X did a great job on last post. Instead of thinking on war politicians were suppose to protect life. Money spent on Iraq war could be a great help on Africa and thousands of innocent lives could be spared.

To the people who believe this war was the right thing to do, I would say: be a little skeptical and don´t blindly believe on everything president Bush government say to you. Think for yourself and try to see what kinds of interests could be behind this war. After that reflection, if you still belive this war was the right thing, fine. But think for yourself. Don´t let people think for you.

Anonymous said...

Tom,
Are Horizontal lines on the graph are Fib series retracements ? I am not clear on how Fib retracemets are drawn ( In order to draw Fib series, you need two points , one point is Previous Day High and Second point is current Day OR (Open Range). How are you setting up target ?