Here are a few setups I pulled out of comments. The first is the primary setup we have been discussing over the past month - you might be getting bored of it, but it happens almost every day and delivers results.
Here is a chart and analysis (cut and pasted from comments) of a "u-turn" setup posted by John:
"Hey X, do you still trade the u-turn setups? I find these 3-4 times a week, and they tend to work pretty well. PAAS on 04/08 is a good example. My Fibonacci lines were over the opening range first three bars. I entered a break of the 4th bars high. It was red, but didn't close below the 50% retracement so I saw that as bullish. It made a quick move to the Fibonacci extension and I exited. It had a nice setup again above the Fibonacci extension and kept running.
John"
There has been discussion of the 15-minute timeframe in comments, and long-time readers know of my affinity for it. Before I migrated to faster timeframes, I became profitable and built my trading career on 15-minute setups. Here are a few examples from David, along with his analysis (cut and pasted from comments).
"I like seeing the faster timeframes, but I can't make them work and usually stick with the 15-minutes. Glad to see other commenters discussing them as well. I originally started trading 15-minute timeframes years ago after first discovering this blog, so thank you for everything Trader-X and Tom C.
Two from Friday were SLW long and CCL short. SLW was a break of the 5th bar's high and target of the Fibonacci extension - Fib lines plotted from the previous day's low to the first pivot of the current day. I was actually late on this entry, as a break of the 4th bar would have been perfect. The main rationale was support from the rising MAs and bars 2-4 never broke the 50% retracement and formed hammer candles.
On CCL, I went short later in the day after price broke the morning low and retraced to resistance from that area and falling MAs. Entered on a break of the 11th bar low and target was the Fibonacci extension - Fibonacci lines plotted from the previous day's pivot high around 12:30 to the morning's first pivot low. This was one of those Trader-X "magic" reversals where price bounced right at the Fibonacci extension. It was very low risk and the distance to my stop was so small I could take a larger position.
Have a good weekend everyone and keep the great comments coming!"
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1 comment:
David R & John,
Nice trades. And thanks for sharing the examples, since it helps to remind me that the "bread and butter" and the "u-turn" type setups are still alive and kicking. I need to expand my mind to also search for those patterns.
And to date, I've only been focusing on the long side, but because of the CCL short example, I ran some short scans and caught a decent % move down in OMX yesterday (4/11, 15 min chart, 7th bar trigger).
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