I entered on a break of the hammer's high and covered at the 50% retracement of the previous day's high to the OR low.
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Mentoring: The Key to Developing as a Trader
5 days ago
Wednesday, December 03, 2008
The simpler the better
BP jumped out at me when it put in a textbook double bottom during the first half hour and presented a great setup with a hammer candle at support.
I entered on a break of the hammer's high and covered at the 50% retracement of the previous day's high to the OR low.
_______________
I entered on a break of the hammer's high and covered at the 50% retracement of the previous day's high to the OR low.
_______________
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2 comments:
Trader X -
I notice you play long even with the market going down, and vice versa. My question is, when you compile your watchlist of gap ups and gap downs, do you put the two list together and just sort by volume thereby having 1 big list, or do you keep them in seperate list and sort them by volume also, having 2 seperate lists?
Also, wouldn't more opportunities and better setups appear if you tended to scan for stocks following the broad markets?
Thanks alot X, I check your post often.
Stan - I only have one list, and what you described is exactly what I do. I don't care if they gap up or down just as long as they gap.
On your second point, that doesn't work for me...it adds too much complexity. I am not saying it would not work for you, just that it doesn't work for me.
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