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Thursday, March 01, 2012

A trade from Chris...

"I made a profitable trade today and wanted to see if you guys thought it was a good setup, or just luck!

FNSR - 30-minute chart, entered on a break of the 3rd bar high, exited at the 8EMA for .50. Reason for entering - wide range first bar, narrowing 2nd and 3rd (inside bars), and 3rd bar was hammer like. My only concern was the upper tail on the first bar, but the body was solid green.

Thoughts?"


Here is Chris' chart with the trigger bar marked:



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5 comments:

Chris said...

I don't plot pivot lines, so I didn't realize my entry was under one. I guess that was a red flag, but I'm glad it worked out.

AskChrisHeTrades said...

Great Entry. Any good trader watching that stock would have took that. Good stuff.

Chris
aka: Channel Guy Trader
askchrishetrades.blogspot.com

Times of Your Life said...

it is a excellent trade

Anonymous said...

I traded a similar setup in GPRE. It didn't quite reach the 8EMA, but I made a few dollars.

Terry

B.A. said...

Good trade Chris. I actually watched FNSR, but didn't take it because it formed below S1 (the green line on Xs chart). I need to figure out what effect pivots have on these trades, as I saw this having too much overhead resistance. Anyone have insight on trading with the pivots, or just ignore them?