WM’s average daily volume is 50 mill and today WM traded 190mill. Why? Well, it seems like a number of private firms are interested in investing in WM and that is considered "good news" on the street. Go figure, the stock was trading at $44 back in August 07 and yesterday it was priced at $10.00. It seems to me that it would take more than a fresh money influx to turn this baby around, but the reality is that I do not care about the fundamentals of any of the companies I trade. I am only in for the intraday action.
This trade was very straightforward in the Trader X style. WM gapped up, consolidated at the top of the ORH, and the fifth bar closed 0.03 cents above the ORH. I entered on the break of the fifth bar, took a partial at the 38% fib extension, and exited at 100% fib extension, which worked like a charm because the stock pulled back to the 50% level after that. My fib ext was drawn from the previous day low to the ORH. My only hesitation was that the 5th bar was a bit far from the 5 EMA, but that was a risk I was willing to take considering how good everything else looked.
6 comments:
Nice work Anarco,
I also see 3 NRIBs on declining volume - very momo!
Thanks Jamie! Yes, I forgot to mention that, but that is the play I am enjoying the most: 2NRIBs on declining volume.
What I like about news is that it provides a focus for traders on the stock without having to go through a scan, and it's going to up or down, imo. Like M&A plays the acquirer stocks usually falls.
WM bot at 5/15 break.
nice catch... those inside bars are potent!!!
Yes, the IBs with declining volume are amazing!!!
BTW: I tried posting at your site since you started moderating and my posts have not made it through (I promise they were not inflamatory :-))
hmmm... I don't know why I'm not seeing your comments. Let me know if it continues.
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