Sunday, January 09, 2011

ADSK - 010511

I hope everyone had a great start to 2011. I am back to trading, but posting on a regular basis will be difficult over the next few weeks as I am still dealing with some family issues. I hope everything will improve by the end of January, and the rest of 2011 is healthy and happy!

Here is a submission from Tim. I encourage anyone to post trades in "Comments", and I will try to check a few times a week and post a chart or two.

"X, I wanted to participate in your call for reader charts. I traded ADSK on 01/05. It was a little "bouncy" around the FE, so I don't think it was the best setup as opposed to one that found solid support on the top. But, I entered on a break of the 5th bar's high (5-minute chart) and watched the $40 level closely for a reversal. However it broke through and made an orderly pullback, so I stayed in and rode the move to $41 and closed my position. My fibonacci lines are plotted from PD close to CD open, and I use the 8 and 100 EMA.

Thanks for all of the guidance, I am hoping 2011 is my breakout year!"

Here is Tim's chart with the trigger bar and exit level marked.



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6 comments:

  1. Times of Your Life10:41 PM

    Nice trade Tim...
    @.@ very good looks for this setup

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  2. Anonymous8:59 PM

    Nice trade. Hope to see more reader trades in the future.

    Mike

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  3. Anonymous12:52 AM

    Hi X, could you please advise on how you set the target and exit for those beyond FE setups. TIA

    Song

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  4. Anonymous2:36 PM

    X,

    I've taken your advice and focused on mastering just one, single set-up (Beyond Fib Ext Set-Up, in my case), so that I eventually get a single set-up down as instinctive and second-nature without distractions or second-guessing.

    Does the Beyond Fib Ext Set-Up produce the same consistency of wins and probability of success when SHORTING stocks? I've only used it for buying longs, but I'd like to use one, single set-up that is equally effective for longs and shorts.

    Sincere Thanks,

    Chips & Salsa

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  5. Trader-X5:10 PM

    Song, see me current post.

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  6. Trader-X5:11 PM

    Chips & Salsa, no it doesn't. Don't get me wrong, it still provides good results. But they are not as good as going long. I will try to explore this in more detail in future posts, but the results are still good enough for you to study it as a setup.

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