PBR is on my WL. PBR gapped up, touched R2 and retraced to the 5EMA. From there it continued the orderly uptrend started last Friday afternoon. The daily chart looked bullish to me and the 15min bars were observing the 5EMA on closing basis, so when I saw the 2NRIBs I decided to jump in. I took a partial at ORH. My exit target was the 38% fib extension drawn from the previous day low to the ORH, but it was not triggered just by $0.01. The 38% fib extension was at $72.84, and I placed my LIMIT sell order at $72.82, but the 12:30 bar’s high was $72.81. I exited at the 25% extension.
8 comments:
Hi Anarco - nice trade. Can you comment on how you put your watchlist together - and how did you decide to trade this given that there is no real pattern - from your description other than a continuation in price climb from prior day -
thanks, Tom T.
.01 ouch that hurts.
I like the nice little bowl it created right on the base of R1, not to mention the fact of 2IB's and a NR7. That NR7 is also a marobuzu.
Good catch!
Correction, the NR7 was not a marobuzu, but close enough :)
Thanks tom~
My WL started as a copy of the WL from Jamie. I then added and removed a few based on my own preference; I like stocks above $10 (although I sometimes trade stocks between $5 and $10), that have good volume, and that tend to move without a lot of zig-zags.
Regarding this trade, I find that 2NRIBs + continuation move from the previous day + bars that observe the 5EMA on closing basis, + a good daily chart make a good mix that works well for me.
Cheers
Thanks pdt!
Yes, I also liked the little bowl. And I agree, I would not consider my trigger bar a marubozu.
Cheers,
Good to see that you came back from your vacation, I hope you enjoyed it!
Nice trade yesterday :)
Thanks tomer!
It was a really nice vacations!
Cheers,
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