I mixed Tom C. with Michael, and traded HPQ on the 30-minute timeframe yesterday (Thursday, 02/23/12). It was a "u-turn" and reversion to the mean. I entered on a break of the 3rd bar high - price gapped down with a wide-range first bar, the second bar was strong and signanled a potential reversal, the third bar formed a hammer in the top of the second bar's real body. Sold for a .50 gain as it got close to the 8EMA!
Thanks for all the knowledge on this site."
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10 comments:
Excellent trade Tom. I happened to take this one as well.
Great trade. This may have been asked, but I noticed pivot points on the chart. Are those used, or just for decoration?
yesyes excellent trade
@.@ hahahha i was in that trade too and looking at 15 min chart
Anon, pivots are just used to help judge the size of the gap and white space, I think. Though there was a comment about a bounce off the pivot being a good entry if it occurred on the second bar and signaled a reversal.
I had a good trade with IBN today. Break of the 5th 30-minute bar, sold at the 8EMA for .33 gain. Anyone else?
i guess APOL today Feb 28
2 min chart
entry at the 6th bar high
i exit at 45.46 cuz i felt it was way too extended but i guess stick to the plan @.@....
I traded IBN as well, Roger. Good trade!
Traded DPZ today on a break of the 3rd bar's low. Was stopped out later in the day. Is this a trade you guys would have made? Appreciate feedback.
Derrick
Derrick, I can's say I would have taken it. Although it looks weak with the long upper tail, it was an inside bar (didn't break the previous bar's high/low) and it closed green. I would prefer to wait for something like ASML later in the day - break of the 7th bar low, just now covered when it hit the 8EMA. Note the 7th bar closed red and was pulling back from a new high - contrast that to DPZ which did neither. CHMT was another good example on a break of the 6th bar (I didn't trade this one, saw it after).
Tom, thank you so much. Your analysis has helped me greatly.
Derrick
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