I would say that there is a lot of fear in the market right now and the action was choppy until the last hour. What the hell happened in that last hour?
Anyway, I missed the morning action (again). But these two trades gave me something. CLF is not a very high grade setup. I am basically going against a stock that is making higher lows and higher highs (intraday) but the failure to hold above RZ and the shooting star against RZ encouraged me to participate.
WFC is a bit cleaner, Weak sector, gap down, struggle with ORL, and a NR bar (doji) against the ORL. Unfortunately, WFC printed another doji 2 bars later and that doji foreshadowed a reversal.
11 comments:
It's difficult to find good setups for substantial directional move in this market. I shorted APA yesterday, I was lucky to find this one.
Recently the Markets act like a pinball machine.
you're kinda trading differently?
ive gotten some work in - the work volume has fallen off a cliff & now when i get deals they have really short fuses. fees down, expenses up & turn-around times really short. this part of the cycle really sucks.
Nice work on APA!
I agree with you, there is very little follow through. We had a nice movement down two days ago, but then we got back to "choppy land"
Hey QQQBall~
Sorry your work volume is low now. Maybe it is time to seriously switch to trading for good! Hope things get better soon!
I am only trading 15min charts and a few setups. I am going after consistency.
Cheers,
WFC -4/15 looks good. Last hour? The reversal/continuation hr around 2:20. Look for it.
BL,
What happens at 2:20? Is that when Cramer comes on Erin Burnett's show and says BUY, BUY, BUY
I also like 4/15 bl.
But, I do not see in the charts any hints of what happened in the last hour ...
I like Jamie's theory about the Cramer effect. Anything is possible in this market :-)
nice quick trades... take the money and run.
Do you make these charts in Excel? They are very cool!
oonr7~
Yes, the quicker the profit, the better for me. But the week was a real chop (for the most part).
Cheers,
Doji Hunt~
My charting software is eSignal. The charting capabilities of MS Office are VERY limited.
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