AMZN is on my WL. Bars 2, 3, and 4 formed a morning start bullish reversal pattern that although was not as potent as I would had desired (4th bar left a long upper shadow), it caught my attention and prompted me to leave AMZN in my radar for the early AM. Bar 7 and 8 were IBs and bar 8 was really bullish. Price took off after my entry and just below the $79 price line, AMZN printed a series of NRIBs with declining volume, so I added more to my position. My target was $80 for being a nice, round number and that is where I took a partial. I exited after AMZN printed a shooting star.
SLB is on my WL. I like this stock (when I am on the right side) because it can move very fast. SLB reported positive earnings today and the stock took off sweeping the previous day’s high, R1, and R2. However, it paused just above R2 and after 2 IBs I decided to jump in. My target was the $100 mark and it reached it in the following three bars. I exited there because action tends to get magnetized around those “super round” numbers.
8 comments:
Great job Anarco!
I took the same entry on AMZN (1st one). $79.00 level I took late afternoon for EOD rally. All that basing in the morning made for nice support after the swoon.
Thank you Jamie!
And nice afternoon catch. Was your partial and exit (for the morning trade) at the same level as mine?
Cheers,
Nice trades!
I see the arrow pointing at the 8th bullish bar. Does that mean you entered on break of that candle's high?
I like it because its a NR7 on extremely low volume but isn't there risk until the ORH is taken out? How much significance do you place on the ORH in situations like this?
Did you use 8th bar low as stop or 7th bar low?
Thanks!
Thanks RZ!
My stop-loss was the low of the 8th bar. Regarding entries, I do not have fast rules. In this case I was watching Time & Sales and as soon as I saw the action would continue higher, I jumped in. In this case it was not significant to me that price broke above the high of the trigger bar or the ORH.
Cheers,
Would you mind explaining how you use T&S. Do you use LII at all? Thanks!
sweet.
sweet trading! do you reduce size on the add? i usually add like 30% position in case it comes back - i get nervous doubling up and risking the winner coming back at me?
alot of your trades & 007's are looking very nice lately.
Thanks QQQBall!
I do not have a consistent strategy for adding. On this one I added 50%.
Cheers,
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