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Wednesday, March 16, 2011

Away for a few days

I an involved in a non-profit, and it is requiring a lot of my time outside of trading hours this week. Posting may be somewhat sparse, but feel free to discuss trades in comments.

And for all you Blogger users, here is a cool video about new and coming changes.



James said...

X or Tom C,

I still use the 15 min chart but I wanted to post something that I thought was worth looking at.

Today (3/17) I made two entries both on the 2nd green bar. I entered HPQ and TSL on an inside hammer bar that closed near the top of the OR and both had support from the 5 ema.

Upon entry, I felt that TSL was a stronger setup because the 2nd bar closed very strong while HPQ closed with a tail. It turns out that TSL stalled out and reversed while HPQ ran up into FE for the full gain.

In hindsight I would have entered both still, but I dont see how HPQ was the better setup than TSL or why it worked and the other one didnt. Any thoughts?

Michael said...

VSEA, today (Thu). Perfect Trader-X setup in my opinion. And I got it. Entered on a break of the sixth bar high and sold just above $44. Thanks for all you do X.

Anonymous said...

James, not sure if you are looking for opinions from the peanut gallery, but here are a few thoughts.

TSL wasn't a very big or decisive gap. HPQ, on the other hand, was. There was a lot more white space between the previous day's close and today's open, and the gap up reversed a clear downtrend from yesterday.

Other notes - if you plot the 100EMA, the first 15-minute bar of HPQ closed above it, and the hammer second bar formed above it as well. Also, if you look back to Monday, HPQ was closing that big gap down (Mon to Tue). I have noticed that in situations like this, closing the gap is like a magnet. Finally, TSL has resistance from a "whole" number as X says. HPQ had room to run to get to its next whole number.

All that said, the biggest reason for me not to take TSL is because it was not a big/meaningful gap.


Anonymous said...

VSEA was a beautiful setup. I assume you mean the 5-minute chart? I missed it altogether.


Michael said...

Yes Todd, the 5-minute. I am pumped. Things are starting to make more sense. It has been a great week with one day left.

Jay T. said...

Friday morning, traded OXY on a classic x setup and took 1.30 out of it. I'm done for the day. Have a good weekend all.

Times of Your Life said...

I think TSL is near the whole number so there is resistance...also you are entering the 2nd candle which sometimes add some risk to the analysis

I traded LDK today (3/18),
2 min chart, break of 14 bar low
exit all at 11.56 and took some profit in between to protect myself @.@....
you can try plot the Fibonacci differently here for LDK...

Flowtastical said...

On a side note about gaps. The stocks that I traded in March that gave me the biggest profits were the stocks that had the biggest gaps and the strongest moves on the open.

CDE 3/1
WDC 3/7
TSL 3/14

My February was the best month I ever had but I strayed a little bit away from that in March and started trading too many setups.

Being selective with your setups and hitting the best ones hard is not a bad way to go.

Marc W. said...

Tuesday 22nd. Entered PRAN on a break of the 4th 5-minute bar, held until $4. Gain of 10%! Thanks X.

Michael said...

Nice trade Marc. I notice that the best movers in these setups pullback to the retracement zone and bounce, as opposed to making a more shallow pullback. It seems they "reload" when they have a better pullback. I traded SINA on Monday which was similar to this. I entered on the break of a 4th bar, and added more as it made a Trader-X beyond the fibonacci extension setup on a break of the 15th bar. I sold everything at 93.00.