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Wednesday, May 02, 2007

Wednesday's action

posted by Tom C:

I traded NVTL with an entry below the OR high - so it was a riskier trade from the start.

I entered on a break of the 9th bar high - the 9th bar was a "hammer type" candle, and it had support from a rising 5MA. I watched for resistance at the OR high, but the next bar broke through that level decisively. The target was the Fibonacci extension of the previous day's low to the OR high. It was not hit, and I sold at the end of the day for a gain of .42.

note - looks like Victoria traded this on the 10-minute chart.

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bl said...

I saw alot of momo action with a $6-35 naz >30k >2% opening 5 min: ttmi inin ptie lojn intv untd aray etc. ttmi8/15 4/30(no trade-wow!!)Better using 5 or 10 min charts. Traded BWLD close 6/15. A bit more patience would have kept me out.

Clive J said...

I had filtered down my watchlist to ARAY, CBG, BAM, NVTL, RYI and BGC as potential candidates today.

Time passed as each of them made their moved/failed and I passed on all of them!

I did make some burger money out of ARAY, but otherwise a non-event.

I saw the NVTL hammer which Tom C described - supported by the 5-min chart - but alas I was making a cup of tea at the time and was too late to act on it.

Days like this are hard to take when the market is moving nicely.

Tomorrow will be better!

Clive J

Terry said...

Hey Tom C., wasn't that also the classic bread and butter set-up off the retracement zone?

Trader-X said...

Terry - yes. X doesn't trade it anymore because it does not have as high a win rate as it used to...but, a break of the 2nd or 3rd bar high would have been a good entry.

Tom C.

Clive J said...

No X trades today for me. Probably missed a few looking at the leaderboard, but none on my watchlist.

However HURN was interesting, b/o 2nd 15min bar. I sometimes find small hammers at round numbers lead to big moves. Volume was light, but came in strong just before the move at 10:00 o'clock.

Of the big names trading on high volume, there were interesting 5-min set-ups on OMG, SYMC and DLB.

Any X trades out there??

Clive J.

Clive J said...

Anyone notice stocks that move too far in one direction, then retrace too far, before continuing on their merry way?

Maybe it's just the coffee - but just look at 15min OMG today. Draw lines across at $58 and $59. Knocks the tops off bars 5 & 6, and the bottoms off bars 8 & 9. To me the result makes visual sense. I've seen this happen quite a lot -it's an easy pattern to recognise and sometimes it provides an entry.

I rarely trade in the afternoon, but I put my money where my mouth is here and bought the break of $59.00 exiting at the morning's high for +66. Probably just luck.
I'm definitely finishing for the day now!

Clive J

Harold said...

Interesting Clive J, I like your comments. Good luck next week.

Terrance said...

Would you have sold if it didn't break through the OR high?