Here is David's chart with the trigger bar marked:
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Mentoring: The Key to Developing as a Trader
6 days ago
Monday, April 02, 2012
Another trade from David...
"This was similar to my TOL trade last week, but I prefer these three bar setups because they happen faster. 15-minute chart, Fibonacci lines over the first three bars, entry on a break of the third bar high. The third bar was at support from the 50% retracement, the rising 5EMA, and it was a strong bar that closed at its high. I sold at the Fiboancci extension for a .40 gain. There was a "beyond the Fibonacci extension" setup later in the day, good for another .40, but I missed it."
Here is David's chart with the trigger bar marked:
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Here is David's chart with the trigger bar marked:
_______________
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9 comments:
I learn a lot from your trades David. What was the beyond the fib extension setup you referenced? What bars?
Nice trade David
Terry, I would have entered on a break of the 11th bar high had I seen it. Price pulled back to the Fib extension and made a bullish "offsetting pattern" closing back above it. My target would have been the distance between the high and the Fib extension (just add to the current Fib extension to get the new target).
Thanks!
A very nice trade, but what made you look at this stock in the first place?
Anon, all the trades on this site are based on a gap watchlist.
David, thanks for the follow-up!
I had a few similar trades on Tue, though not as clear and clean as this. CMI on a break of the 4th bar high, SNDK on a break of the 4th bar high. This is my favorite setup to trade, best probability.
Here is another similar one from Wednesday: MAGS, 15-min, entry on a break of the 9th bar high. Support from the retracement zone (never broke the 50% retracement from plotting Fib lines over the opening range), and the 8EMA. Plus it was an offsetting bar pattern. Good for a little over .30 on a $6 stock.
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