AXP gaps up but the bears take it away printing 2 WR bars. The first bar penetrates the retracement zone. Bars 3 and 4 are IBs with declining volume. I entered on the break of the 4th bar low and exited in full at PDL.
The major thing I did not like about this trade was that $17 was somehow close to my entry and potential support. I could have taken a partial there but I decided to hold in full (this time it worked out).
The other aspect somehow negative is that the two IBs are a bit far from the RZ line and I am trying to enter my trades near major PPs. For IB trades, I don't think the IBs need to be touching the PPs, but being closer to a PP gives the stock more room to run. I am still experimenting with this.
9 comments:
Anarco,
Great trade! Tanner had a similar one in V that worked out pretty well.
Have a good weekend.
Tyler
Hey Tyler~
You know, I missed V because accidentally I removed it from my quote window in eSignal. But I like it even more than my trade.
Have a nice, long relaxing weekend!!!
Cheers,
Nice trade Anarco. It took a similar trade in V but your's is a nice gainer percentage wise.
Nice! I made the same trade. I haven't seen a setup this good in a while. I was a little concerned about the 17 level but the other card companies were just tanking so it didn't become an issue.
Hi Rick and Susan,
It is really nice that we all caught the same ride today.
Not bad for Option Exp Day!
Let's see if the bulls show some strength during the inauguration week.
Have a nice weekend.
hey anarco,
where was your initial stop when you entered short?
T4S
Hi T4S~
My trigger is typically 0.02 below the trigger bar. In this case the next bar did not hit it. My stop is almost always the opposite end of the trigger bar.
Cheers,
Hi Anarco,
thx for the quick reply. So your entry was actually made on the 6th bar as this bar penetrated your trigger bar's low (bar number 4) by 2 cents. Do you let yourself get stopped in or do you enter your trades manually once the level is broken?
Your stop loss in this case was 1or2 cents above bar number 4, correct?
Have a good weekend!
T4S
Hi T4S~
Most of the time I enter with a stop order (and order that become market when the established price is met). And I shy away from stocks that have a big spread or low volume.
I do not add 0.02 to the value at the opposite end of the trigger bar. So in the case of AXP, my stop loss was set at 17.32.
Post a Comment