FWLT was a perfect reversal hammer at RZ. This a Trader X type of setup and it actually feels good to find one in real time and be able to execute the entry with success. Partial at PDH and then I was called for an emergency job meeting so the exit was a bit rushed :-(
POT was a bull flag setup at the base of the PDH. It was nice and orderly and it took off after my entry. I partial at the ORH (and R1) to protect my profit and exited after the shotting star in the 15m chart.
11 comments:
Dang! Well done!
Have a good weekend.
-AT
Anarco,
Great trades today! I can't wait to catch a big move like you and the other traders do. Good job.
Tyler
Hey AT~
I was glad to read that your job is picking up. Enjoy the weekend!
Hi Tyler~
I am just starting to catch some nice moves and it does feel great :-)
Catching nice moves is a confirmation that one has to focus on good setups and that trading mediocre setups is a waste of time. At the beginning of 2009 I started to record in a spreadsheet every single trade I make. I give a grade, the R obtained, some notes about the trade and a link to a screen shot of the chart. It has only been a week since I started this, but I can tell you it is a very good exercise and record of what I doing. I'll post some data towards the end of January.
Cheers!
t really feels good to start catching nice
or friday trading, ive been playing around with the 50% level for the previous four days. AMP & PAAS were interesting today near the mid-point of the High & Low for Monday through Thursday. i never seem to catch them in RT - guess i need to scan for them?
Hi QQQQBall~
I use eSignal and I am starting to utilize the alarms much more than I did last year. So when I am flipping through my focus list during the session, if I see something that I think might be setting up or close to an interesting PP, I set an alarm (not at the PP but near it, so if price approaches that area, I have time to evaluate the setup). I noticed that without using this feature, I was spending too much time in charts that did not materialize.
Have a good weekend!
I missed POT, good trade. Something you may want to research...on hammers like POT, if you want a more conservative entry after the long red bar and then the hammer, wait for the next bar to form and if it is green and not over-extended (lopsided), enter on a break of that bar's high (but if it is lopsided or over-extended, I would pass).
What I mean is - long red weak bar; hammer; green bar moving up from the hammer; entry on a break of that bar's high.
The reason I suggest that is because sometimes hammers after a long red bar are more prone to fail...as with anything, it depends on risk tolerance.
But this was a good trade...I like that the 1-3 bars all left lower tails.
Have a good weekend!
Thank you very much for the pointers Trader X!
I will definitely keep them in mind.
Cheers,
Anarco,
Weren't you concerned about the sloping MAs as potential resistance?
Anon~
Regarding the MAs in the FWLT trade:
1. I am currently NOT using MAs as a defining factor in my evaluation of setups. This of course can change in the future.
2. If you are going to play sharp retracements or make counter trend plays, you have to live with the fact that the MAs are going to be stacked against you (in most cases). So as it was mentioned in the comment above, it is a matter of risk tolerance.
I am not an expert and am still evaluating what works for me, so take my answers with a grain of salt.
i was looking at that chart again... the RZ zone from PDH t oPDL coincides with the .618 retrace from PDL to ORH+/-.... same bar entry.
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