I'll try to post some additional reader charts later in the week.
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Deep Dive 50% plus movers to learn from them
3 days ago
Tuesday, February 14, 2012
Happy Valentine's Day
You guys really came through on the "comments" of Michael's last post - there is some great discussion, charts, and analysis; I picked up a thing or two.
I'll try to post some additional reader charts later in the week.
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I'll try to post some additional reader charts later in the week.
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11 comments:
Happy Valentine's Day...
Good stuff, thanks X.
TT
Hi Michael, thanks for sharing. Can you tell me if WSH was a setup you would have taken today? A break of the 2nd bar high? Thanks.
Brian you might try posting your question on the last post that had Michael's charts, as he may not check comments here. But, I thought I would offer my input if you don't mind. The first bar was wide range, but it left a long upper tail. That represents indecision and a possible end to the rally. The second bar has an even longer upper tail, and price closes in the lower 1/3 of the bar's range - this was a weak bar all around. So, you are rolling the dice making a long entry after those two bars...there was a lot of red flags and reasons not to go long. Hope that helps.
Thanks Tom, you gave me some good information to consider.
I think I made a better trade today. ABB, break of the 4th bar high. The reason this appealed to me even though the 3rd and 4th bars weren't that strong (see Tom's comment to my original comment) was that price broke above the morning high. In my mind, very bullish. Made .30 off a nice sized position.
Thanks for the great setup Michael!
Nice trade on ABB Brian. The things about RTM trades, is they actually work 100% of the time. Price will either correct and pullback to the EMA, or it will stall and the EMA will catch it. You just need to figure out the conditions for the first scenario to play out.
TT
One last comment on my WSH trade yesterday. Today I watched NILE which was similar, and I passed on it this time. But, later in the day it set up with a nice hammer (10th 30 min bar). I took a break of that and it was good for .50 (actually a lot more, but I sold with a .50 profit). Michael, would you take this type of setup? Price never touched the 8EMA, so I figured it was due. Thanks again!
TT, your philosophy on these types of trades makes sense. Thanks!
Hey Brian, sorry I didn't see your questions until today. I agree with Tom's analysis on WSH. I'll have to take a look at ABB and NILE, but I can't bring myself to do it today as I'm just too lazy. I'll try to post a follow-up later this weekend. Good trading!
Nice blog and I like the format. Glad I found it and look forward to more.
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