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Tuesday, December 21, 2010

Promoted from comments...

"Hi X, I would like to nominate myself for your promoted from comments feature. I took two trades on Tuesday. Here are the details, and I tried to match your terms as close as possible:

MCP, 5-minute chart, Fibonacci from previous day close to current day open. Price rallied, fell back to the retracement zone, stabilized, and rallied again. It broke through the Fibonacci extension once then formed a tight range. I entered on a break of the 11:05 bar (20th bar), when the 8EMA provided support and pushed price up. Price exploded and I booked a $4 gain. My best trade of the year!

JBL, 5-minute chart, Fibonacci from previous day close to current day open. Price bounced around the opening price for the first 45-minutes and I entered on a break of 10:10 bar (9th bar) when it formed offsetting bars and closed above the opening price. It also had good support from a rising 8EMA. I booked profits at the Fibonacci extension. Not as impressive as MCP, but still a 2% gain.

You are the bomb. Thanks for everything you do here. Karma will follow you everywhere! Happy Holidays to you and your family!

Sam H."

Nice trades Sam; I think this is the first time I have ever been called "the bomb"! Here are the charts with your trigger bar marked (Sam entered on a break of the trigger bar's high).



Narayan said...

Nice, MCP would have made my year. I just need a few of those.

Jeff said...

X, I like when you do this. You could almost make an entire blog just publishing reader trades who use your methods.

Trader-X said...

Jeff - don't think I haven't considered it!

Javier said...

Hi X,
Do you have a previous link on establishing a Target price or how do you handle your current trades once you are in the trade.
I am happy to hear that you finished your best year in trading. You deserve it very very much !!!! Thanks.

Thomas said...

So, how do you isolate these big winners from riff-raff?

joshua said...

@javier type in "target" in the search function at the top left hand corner of the screen. there will be many different entries that show X's targets such as Fib extensions, sometimes a moving average, etc...

@thomas i agree with. trying to find the winning setups from the losing setups is quite hard for me. especially, with the 2min chart, oh man. i tried it one morning, i was lost. i prefer the 15's.

Times of Your Life said...

ahhahaha "the bomb" @.@....
nice trade Sam

Trader-X said...

Joshua, what was the setup? I would like to look at it and see if I saw something different.

Also, please don't take my posts as encouraging anyone to use the 2-minute charts; I'm not. I am only using those after 15 years of trading, and because I take early entries and am done trading (usually) an hour after the market opens.

joshua said...

@traderx it actually looks like i traded the 1 min. checking it now, it looks fairly readable. long on the hammer around 9:35, short on the narrow, doji's around 9:42. everything just came so fast. my problem is patience. whether on the 15, 5, or 1, i always jump in before the candle finishes. i am always worrying about missing trades. i have spent some time the past week reviewing my charts, i see that one just needs patience. wait for the setup, don't rush it.


i realize you are not recommending the 2 mins charts for everyone. i had a moment of weakness because i had suggested to a buddy to trade the mornings. he wound up doing very well. so between his success, and knowing your success with the first hour or so, i decided to give it a try. it is way too jumpy for me. even the 5's are not reliable enough for me, which is why i focus on the 15's. everything seems smoother, less signals, less noise.

but it gets very boring sitting around my home office all day waiting for a trade. at first trading was exciting, green, red, buy, sell, yippee! then when i started finding my niche (which i am still working on), i realized trading is boring. i am sitting around all day, scrolling through charts trying to find my setup. i would love to be done by noon, but the 15's don't really allow that.

so besides cranking the tunes, i am trying to turn trading into a game. i pretend i am up against some big shot, experienced trader and we are going to battle. i try to make it more exciting, keep myself fired up and focused.

my dream was to be a day trader. now, its to be a morning trader,lol.

Javiercoll said...


- Thanks for your reference on X prior posts on Targets.

- The longer the timeframe the easier is to analyze the many charts as you have more time to watch them. But as you said you need more patience.
If you want to trade shorter time frame you probably need to have a smaller watchlist. X recommended to start from longer time frame and then going shorter as you feel more confortable and develop the visual skill as the same set up can develop in anytime frame.

joshua said...


i completely agree.

Javier said...

Hello X,

Today I traded MCP on 5" timeframe as it GAP UP at the open and the pullback to 8ema and 50% retracement from Yesterday close to Today Open. I entered on candle NÂș 7th high. This trade today was meaningful to me since I turned a losing year to a profit year. I wish you and everybody a prosperous and very happy New Year. Thanks and blessings.