IDIX gapped up this morning, and after a brief one bar rally it promptly collapsed. I plotted my Fibonacci lines over the previous day's low to the OR High (I used the high of the second bar).
Price fell through and closed below the retracement zone with the 13th bar. The 14th and 15th bars pulled back to resistance from the retracement zone and the 5 and 34MA's, and the 15th bar was weak with an upper tail.
I entered on a break of the 15th bar low, and covered at the Fibonacci extension. As X would say, this was a low-priced stock with good volume and the total return for the move was just under 8%.
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Tags:
trader-x, stocks, fibonacci, trading, idix
4 comments:
Boy Tom C you are a crafty one, contrarian daytrading and all. If the craft makes you money stay with it I guess. Looks like they unloaded it with all that bio volume goop the 1st bar. I'll keep that in mind.
nie trade Tom C.
Would either of you be able to comment on FLS (Thurs. 15min) I was thinking a break of the 16th bar low would be a nice short entry given bearish tails on the preceeding bars and the close below the 5 MA. The break promptly and powerfully turned on me. Were there any warning signs I missed?
I don't see FLS(Thrs)gap, but today Wed a good gap and 7/15 doji. Almost 1.62 extension move. LWSN biggest vol premkt and dumped it at the open touched the .62 retracement, bot 9/5" for change. Was looking for the Tom C "something different" set up. Had tech probs at the open with a bunch of "rougue" quotes. FRPT bot 13/15" sold when it stalled and kept going to .38fib extension.
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