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Tuesday, May 01, 2007

Tuesday's action

posted by Tom C:

Clive J. commented that there was not a lot of opportunity today, and I tend to agree. We both traded XRAY which was a nice set-up - but apart from that I could not find much else. Maybe Jamie or Esto/OONR7 had better luck.

XRAY gapped up and printed a wide-range 1st bar. The 2nd-5th bars consolidated in the 1st bar's range and edged up to the OR high. The 6th bar closed above the OR high, and the 7th and 8th bars pulled back to test that area as support (resistance is now support). The 9th bar is a narrow-range, inside bar that opens at its low and closes at its high. There was also support from a rising 5MA. I bought on a break of the 9th bar high, and sold three bars later at the Fibonacci extension.



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6 comments:

greytrader said...

Tom,

I traded XRAY also but got shaken out on the 11th bar. When do you move your stops up ?

Jamie said...

Nice trade guys. I agree there was a general lack of good setups -two days in a row.

I did a gap fade on CAL.

Jerry said...

Nice chart. When is the X man coming back?

ADD Trader said...

I am glad I was not the only one who found few setups today. I took a short in CAL and CMI, and only saved the day by a seat of my pants reversal long position in CMI.

ADD Trader

OONR7 said...

full watchlist... but not full of setups. I missed a nice late-day trade opportunity in CAL.

Ben said...

What happened to Trader Mike?