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Saturday, March 20, 2010

A few charts...

Posted by Tom C.

Here are two of my favorite charts from this week with brief explanations:

AMLN - a classic cup and handle pattern with consolidation at the previous high (which was the handle), and a three bar pattern that offers a very high success rate:

Note that the target (FE) was just a few cents below a whole number ($24)...see my previous posts if you don't understand my point here.

ABX - another pattern with a high success rate - a gap up with a first bar close in the top half of its range, the second bar is narrower but stays in the top half of the first bar's range, and the third bar was a nice "hammer-type" candle that closes green and just above the morning high.



Attitude Trader said...

Thanks for taking time on a Saturday to "school" us Tom.


Jim T. said...

Thanks Tom. How many trades do you average per week, and what is your percentage of winners?

Tom C. said...

Around 20-25 a week. I do some high-probability scalps that I don't post on the blog. In 2009, my win rate was just over 70%.

Tim said...

Hey Tom,

How did you plot the fib extensions for amln? I know you usually do previous day lows to the 15min opening range high but the previous days low looks to be about 18.25 which would correspond to about a 24.5 extension so was wondering what your point of reference was to get an extension of 24. thanks

G. Fraiser said...

It appears he ignored the extended two bar move in the morning. I would have done the same.