Welcome to the Trader-X blog!

> TRADEthemove.com - my thoughts
> meditationSHIFT (formerly "tad")- just say "om"

Thursday, May 17, 2007

Thursday's charts

posted by Tom C:

A few interesting set-ups today...

DUSA gapped up and consolidated with narrow-range bars - the 4th bar was a narrow-range, inside bar and though it wasn't a textbook hammer, it was "hammer like". The risk here was an entry below the OR high, so I watched it closely. I entered on a break of the 4th bar high, and sold at the Fibonacci extension of the previous day's low to the OR high. Note that it was a low priced stock, and the total percentage gain for this move was ~16%.

CLWR gapped up and printed a wide-range first bar. It rallied above the Fibonacci extension, and then pulled back below that level on the 4th-14th bars. The 15th bar closed back above the Fibonacci extension, and the 16th bar printed a hammer on top of that same level. I entered on a break of the 16th bar high (a "beyond the Fibonacci extension set-up), and sold at the close of the 25th bar; it was a wide-range weak bar, and I opted to take a .47 profit at that point.

, , , , ,

1 comment:

Anonymous said...

Nice trades Tom.