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Thursday, June 14, 2007

WCC - 061307; 10-minute chart

posted by Tom C:

WCC is a variation of Trader-X's "bread and butter" set-up; it had more risk as the first 4 bars broke below the 50% retracement of the previous day's low to the OR high (a deeper pullback than I prefer). But the 5th-9th bars rallied to close back above the retracement zone, and the 9th bar printed a nice hammer candle at support from the 5MA.

I entered on a break of the 9th bar high looking for a target of the Fibonacci extension; it was not reached, and I closed the position at the end of the day.



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2 comments:

DT said...

Tom: Do you move your stop after it breaks the ORH?

Freddie Sirmans said...

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