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Thursday, May 07, 2009

PRU - 050709

Posted by Tom C.

PRU was an interesting setup. It was a little higher-risk as I would have rather seen it bounce off the 50% retracement rather than close below and then - on the next bar - close back above it.

Nonetheless, I liked the bounce off the 8EMA, and the gap and move up during the opening 30-minutes.

I entered on a break of the 7th bar high (lower yellow arrow), and sold when price stalled at the halfway point to the FE (upper yellow arrow).



Anonymous said...

Awesome posts! Question is, how do you find these stocks. Do you normally watch them or you use a filter? Thanks!!

Anonymous said...

Long time reader first time 'poster'.

If someone is kind enough I'm curious to know your opinion on a trade I took the other day as I've been struggling of late.

5.7.09: GME/30-Minute chart/Shorted break of fourth bar.

Did I miss something or should I tack this up to the 'you will inevitably have losses' column?

Appreciate your time in advance.

Trader-X said...

Anon - click "WELCOME AND LINKS TO KEY POSTS" at the top of every page and you will find information on how I build my daily list.

Anon 2, you were shorting against a really strong previous bar. From a candlestick perspective, it was not a valid short signal so I would not have taken it.