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Thursday, April 05, 2012

A trade from Ed...

Ed has posted several trades in comments recently. Here is one from today:

"MRX, 15-minute chart, Fibonacci plotted over the opening range. I entered on a break of the 4th bar's high. The 4th bar was a hammer, and price bounced off the top of the retracement zone and the 5EMA. I exited at the Fibonacci extension for a .35 gain. I hope everyone has a good three day weekend!"

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



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7 comments:

Times of Your Life said...

very nice trade, perfect

john said...

Nice trade.

I would probably not have taken it (and lost out) because the entry bar had not eaten enough into the prior two shooting stars ...and it looked sloppy on an one minute time frame.

Anyway, either 8th or 9th bar entry with fibs drawn from prior day's low to 1st pullback on 1 min time frame (top of second bar), would have been a nice classic X trade ...at least to my eye.

john said...

...and looking back through other trades here (e.g., from David), I'm seeing other set-ups that just slightly violate my rules - but that end-up working out.

Maybe the bots have figured me out and I need to up the time frame and give a bit more leeway ...paranoically speaking that is.

Martin said...

I actually traded this, but I entered on a break of the 8th bar after it closed above the morning high. I took .50 out of it as it exploded. A little skill, a little luck.

Anonymous said...

Have any of you guys purchased tradethemove, and is it worth $100? Just curious before I commit the money.

Rick

Martin said...

Rick, re: tradethemove.com, it depends on your level of knowledge. If you are experienced in trading and Fibonacci, then it probably isn't worth it. If you are new and trying to get down the basics and pick up a few solid strategies, then it is worth twice the price. It is a good primer for studying the trades on this blog over the past 5-6 years imo.

Fred N. said...

Nice one Ed.