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Sunday, April 22, 2012

A trade from Dan...

As noted in the previous post, I am taking a few days off to enjoy Spring so I am behind on looking through comments. Here is a trade and question from Dan on Thursday:

"I traded EBAY on a 15-minute chart, Fibonacci lines over the first three bars. I entered on a break of the third bar high, and sold at the Fibonacci extension. The only red flag was the bar was a bit far away from the 5 and 8EMAs, so I am not sure if that meant most would pass on it. The price action of the first three bars was strong, though, so I thought the risk worthwhile. I appreciate any feedback."


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6 comments:

Charles said...

Nice trade. If only I could limit my search to this setup, my odds would go up!

Chris said...

Thanks X. Another trade was SLB, but the gap wasn't as defined. But nice entry on a break of the 5th bar's high as well, sold at the Fib extension.

Enjoy your vacation!

Chris said...

Sorry, meant to post that last comment on the post from today.

Doug R. said...

The amount of white space is subjective, just like most other things. You have strong price action from the beginning, so you aren't going to have price hugging the EMA. The question is, was the gap wide enough to indicate unnecessary risk? I would say the chart looks good and the white space wasn't a lot. Good trade.

Javier said...

Finally coming back around to the 15-min charts. I never left!

Brian said...

Enjoy your time off!