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:



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4 comments:

  1. Times of Your Life10:22 PM

    very nice trade

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  2. Anonymous1:56 AM

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

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  3. Kevin1:13 PM

    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.

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  4. Anonymous4:36 PM

    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!

    Srini

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