I don't always use trendlines, but when I see something I consider obvious I will. To me, the trendline I drew on BK was obvious; looking at the bigger picture price gapped up and after a short rally pulled back to the RZ and bounced off that level. There were some possible, more aggressive, entries prior to the one I actually took - but I opted to enter on a break of the strong green bar's high that formed above the trendline.
I watched the ORH level for a reversal, but price acted "textbook bullish" by breaking that level, pulling back to test it as support (resistance becomes support), and rallying off of it. I closed my position at $31 (there is the whole number again).
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4 comments:
Jamie,
For your fibonacci extension, do you use the 150% or the 138% as the goal mark?
Do you use the 200% fib extension also?
Would XLNX have been a X type setup on the 22nd of January
If its not the right forum, sorry to post this question in comments. I just stumbled upon this blog and tried to search for a link on all of Trader-X's set-ups but did not find one. Can you please post a link to the same. Thanks in advance.
Not Jamie, but flattered. To answer your question Denny, the line of the charts are the 138%. I have used the 200%, but don't plot it regularly.
Anon - what timeframe on XLNX? 10, 5, other?
hsm - this entire blog is X's setups...there is not one link, but probably 1000 charts.
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