I went in with a Tom C. "u-turn" bias and it paid off with gold stocks. GG was my big winner - entered at $47.45 (break of 10:45 bar, 5-minute chart) and exited at the fib extension just above $48. Entered again on a break of the 11:20 bar at $48.31 which to me was a perfect "beyond the fib extension" setup, sold at $49. NEM and several other gold stocks offered similar setups. I am taking the rest of the day off!
FYI, 5-minute charts on the previous comment and Fibs plotted over the first 6 bars on GG. Using the 5EMA for extra support, and GG's first setup happened above the 61.8% retracement of the morning's high to low (as it formed the "u-turn").
Now THAT'S funny.
ReplyDeleteFutures nailed pretty hard as the open tonight (Sunday). S&P -26, NASDAQ -42. Going to be a wild ride tomorrow.
ReplyDeleteNow it all finally makes sense! Darn Smurfs. Maybe the guys under the costume work for S&P.
ReplyDelete* * * * *
I get the sense too many people are predicting a crash -- Black Monday/Tuesday, buy after the crash, etc.
So I'll play armchair market forecaster and say the Dow will go UP on Monday, uhhhhhmm, let's see... +400 points!
8/8/11
ReplyDeleteMCO, 5m, 5ema, Fibs OR, short below bar 3, exited 1/2 at 3R, exited 1/2 near $30, net 3.5R profit.
Stopped outta RMBS long at a loss of 1R. Stopped outta NVDA short at breakeven.
Still watching for other opportunities.
I went in with a Tom C. "u-turn" bias and it paid off with gold stocks. GG was my big winner - entered at $47.45 (break of 10:45 bar, 5-minute chart) and exited at the fib extension just above $48. Entered again on a break of the 11:20 bar at $48.31 which to me was a perfect "beyond the fib extension" setup, sold at $49. NEM and several other gold stocks offered similar setups. I am taking the rest of the day off!
ReplyDeleteFYI, 5-minute charts on the previous comment and Fibs plotted over the first 6 bars on GG. Using the 5EMA for extra support, and GG's first setup happened above the 61.8% retracement of the morning's high to low (as it formed the "u-turn").
ReplyDelete8/8/11
ReplyDeleteLEN, 30m, 5ema, Fibs OR, short below bar 5, target is FE around $14.
That was nice Mike, very nice. I missed GG but did trade NEM.
ReplyDeleteGood trades! I was in AUY with a similar setup.
ReplyDeleteDavid