I jumped the gun a little on RS. I usually wait for a break of the ORH, but the hammer that formed the signal bar was too compelling. Since the entry was premature, the trade carried more risk than usual - but it worked out perfectly.
RS gapped up and made one attempt to break the OR high and failed (7th bar). It pulled back and formed a textbook hammer at support from a rising 8EMA. I entered on a break of that bar's high, and closed the position at the FE.
MOS was another good trade today.
On another note, I was reading StockBee's blog and he had a great post; it is a story I have heard before, but it is worth reading again. Check it out here.
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6 comments:
Thanks
Hey Tom I love the setup but im having trouble with the stock scanner parameters. What are the settings that you used to find this one? Can you recommend some stock scanners? (free or subscription based)
Nice trade Tom. Maxy, if you click "WELCOME AND LINKS TO KEY POSTS" you will find information on how we build watchlists.
What does FE stand for?
Never mind. I suspect Fibinacci Exit. I thought it might have been Final Exit for the last bar at the end of the day.
FE= Fibonacci Extension
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