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Tuesday, March 27, 2012

A nice trade from David

"This was a perfect setup, so I couldn't resist commenting. TOL, 15-min chart - price rallied after a gap up, wide range first bar, my Fibonacci lines plotted over the first two bar's range. Price pulled back to the top of the retracement zone and formed a nice "offsetting bars" pattern, and had support from the 5EMA. I entered on a break of the 5th bar's high, and sold at the Fibonacci extension. Classic X setup that worked perfect!!!"

Here is David's chart with the trigger bar marked:



Times of Your Life said...

very nice trade

Anonymous said...

Nice trade. Do you guys normally plot the 5, 8, and 100EMA?

Kevin said...

This is the kind of setup I like to see, and that I hunt for. Classic with high prob of success.

Anon, X made a post about plotting both the 5 and 8 a while back, and taking setups off price's reaction to one or both. Do a search of scroll back - I think it was the end of 2011.

Anonymous said...

This is the setup that if I could focus on finding would be wonderful, but I let myself get pulled in different directions. Focus focus focus!