Posted by Tom C.
I thought I would post a few charts ahead of the long holiday weekend. Analysis is brief, but you guys know the routine!
IRE gapped up (yesterday) and traded in a narrow-range for the first 2.5 hours of the morning. The 12th bar rallied off of the 8EMA and closed above the OR high. My Fibonacci lines were plotted in classic X style (previous day's low to the OR high). I entered on a break of the 12th bar high and closed the position at the FE.
MCD gapped up (yesterday) and rallied from the open. If closed above the OR high and traded in a consolidated range for an hour or so. I entered on a break of the 11th bar high (note the yellow arrow points mistakenly to the 3rd bar...I don't have time to correct it right now), which had support from the OR high and a rising 8EMA. I closed the position at the FE.
GME gapped down (today) and formed the opposite of Trader-X's "push-through" setup. I entered on a break of the 3rd bar low, and closed the position at the 1/2-way point between the low and the FE (Fibonacci lines plotted from the previous day's high to the OR low).
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