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Tuesday, March 17, 2009

Tuesday charts - 031709

There were some good setups today - CEPH was my best.

CEPH gapped up and stabilized in the upper-half of the morning's range. The seventh bar was the narrowest of the morning (NRM) and an inside bar that closed green and formed on support (the halfway point between the morning's high and the 50% retracement).

I entered on a break of the seventh bar's high and closed the position three bars later at the FE.

I plan to follow Trader Mike's lead and take the latter part of this week off. If I make a trade or find myself around a computer, I might make a post. Otherwise I probably won't be back until Monday. Make sure you subscribe to the blog (see links at the top of the page) if you don't want to keep checking back to see if it is updated.

Have a good weekend.

PS - I also received my bonus check from AIG...so I have a lot of spending to do!

PPS - What can $5 do? Read about "Good Karma" and RJ.



Chris said...

Do you usually avoid FOMC days and options expiration?

Great blog.

Trader-X said...

Chris, no - it really does not matter to me or how I trade.

But I have made my goal for Q1 and want to take a few days off. I need to be here next week because I am taking some vacation in April and May, so I figured I would take advantage and take a few days break now.

Thanks for reading.

Barb said...

Enjoy your time off!

Brian K. said...

I had it on my watchlist but was focused on other trades, sadly most of them losers.

I am finding that I need to learn to slow down and look for/take the best setups.

Thanks X.

Tim Jenkins said...

Hey Trader-X, I was wondering if you would share what percentage the various setups make of your total trading.

Thanks and God Bless.