I will be making a few posts while Trader-X is on vacation. A few things about my trading:
1.) I make trades on 15, 10, and 5-minute charts.
2.) I still use Moving Averages as guides. I plot the 8, 13, and 34EMA.
AMZN was one of my better trades today. I love this formation - it is my "bread and butter" to borrow an old X term. It gapped up and then sold off and bottomed. About Noon it took out the 50% retracement of the morning's high to low, and then consolidated. You might look at the 4-5 bar consolidation and see a triangle.
My trigger bar is marked with a yellow arrow. Note how the 8 period EMA (white line) moves up and "pushes" price higher; all three MAs were moving up at a nice angle.
My target was the Fibonacci Extension and it was hit 8 bars later.
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First of all, sorry for my english (I'm a spanish reader). Second: great blog! thank you for sharing so much with all of us. I'm a newbie trying to learn from all the content published here: I have tried to identify the patterns you show in the blog in the market today (Thursday 04/02). I have run the IB scan to find some gappers and my doubt is: the pattern showed by MT and TRW today is tradable following your setups?... I mean: 3 up bars (10 min) without retracement and then the 4th bar breaking up the OR. What makes me doubt is the lack of retracement of the 3 bars and the 4th bar breaking so quickly the OR high...Thank you so much in advance for your help!. Luis Miguel
ReplyDeleteI think I'm able to answer myself after reviewing some patterns like these ones that appear in the blog: I believe the pattern would be the one that you call "Push Trough" and it has to be traded long at the high of the OR...
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