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Thursday, December 11, 2008

NBL - 121008

NBL is a classic setup on a 15-minute chart; they don't get much better than this.

I don't have time for detailed analysis, but I think you guys can figure it out.



Brian said...

I'll take a shot at it. NBL gapped up and consolidated in the first three bars. It broke through the opening range high and pulled back to test it as support. It formed a hammer, and moved up to the 1.382% Fibonacci extension where you covered either half or all the position.

What do I win?

Great blog X. Thanks for taking the time to do it.

Mike said...

Nice trade. How did I freaking miss that?

Trader-X said...

Brian - exactly. I will give you the password to the blog and you can take over!

steve said...

Hi X, thanks for passing on my question the first time. But being the kind of guy I am, I will press you a second time:

Do you keep your stops on your computer trading system which then sends it to the exchange floor immediately, or are your actual stops placed openly with your broker, where the market makers can see?.

Do you find that the market makers often "gun" for your stops?

Thanks again for your wonderful blog. You're the MAN!

Trader-X said...

Steve - it wasn't intentional; I get a lot of comments and emails and sometimes miss more than a few.

I use a direct-access broker, and I put my stops in with them. I don't know if they hold them until triggered or send them on immediately.

I think the MM "gunning" for your stops is more of a conspiracy theory than anything. I am not saying that it never happens, but if it does it is with a lot less frequency than people who subscribe to it think. In my 15 years of trading, it has never been an issue with me.

Thanks for the compliment!