In his post earlier this year detailing his setups, Trader-X discussed the "deep pullback". He lists it as a short setup, but here is a long setup that adheres to the same criteria.
WYNN gapped up, pulled back to the halfway point between the low and the 50% retracement, and had support from a rising 8EMA (note - I use MAs, X doesn't). My entry was a break of the trigger bar marked with the yellow line; I sold at the Fibonacci extension.
There were a lot of long opportunities today - I hope you guys made a lot of money.
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2 comments:
Tom C,
Nice WYNN trade. You like using the 8, 13 ema's? I've heard that traders use the 13 ema on 5" charts. WYNN sympathy play with MGM. Alot of the gamers charged ahead: mpel asca gme penn byd byi wms igt wms
With the 8 MA and even worse on the 13MA, one is still picking up pre-gap prices after 1.25 to 2+ hrs into the trading trading day using 10-min charts; even worse for 15 minute settings. also noteworthy to adjust settings to shorter periods on any indicators that one uses.
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