Very nice dummy setup on STI. Price open strong with buyers in control and clearing both PDH and R1. The second bar is also strong, clears R1 and leaves a small upper wick. The third bar is a hammer-like IB with the body filling in the wick of the second bar. Entered above on a break of the 3rd bar high and exit in full at R2 (a few cents below $14). I considered taking a partial there, but I find the market not having a lot of follow through, so I took it all out.
The next one was inspired by the trades that Jamie is doing on the lower time frames. The pattern I saw was an inverted H&S, and the entry was perfect, but I chickened out 4 bar later on the red candle with high volume, so I exited in full. That was totally silly, and if I would have stayed ...
6 comments:
Anarco,
Nice trades! I really like them both. I have to remind myself that when I am using the lower timeframes that price will retest the breakout point most of the time.
Also, I have been using the 50 SMA on my 1 MIN as well and it really helps tell the direction and support/resistance.
Thanks,
Tyler
Anarco,
For ABX - Nice execution off of a 3 pivot point base. Price has to pause and consolidate after several continuous green bars. Big volume on the red WRB, but also lower shadow. Maybe take half off and try to ride the rest.
Nice trades and nice day
I also took the STI trade (break 2nd candle 10 min) and suffer bad slippage above 13$. I impusively quit the trade at BE.
I was also long in FCX and kept olny the FCX trade (the strongest of my 2 open trades). I like to watch closely the gold/copper/oil futures to find interesting sector to trade and copper was hot this morning.
SFD was also a great early play... which I didn't trade. My hitting average gets better and better, but I must have more confidence in the setups to increase profitability and don't hesitate to be sometimes more aggressive or being more patient.
To my defence it's hard to trust the long side on those OR breakout in this ugly bear market.
JF
Thanks Tyler!
Thank for the pointer Jamie!
There is certainly a technical weakness in the execution of the trade, but I was upset with myself for trading that one without cojones.
:-(
Hi David~
SFD was a beautiful setup on 3/10. But I did not have it in my scan.
Yes, I am also starting to gain more confidence in my setups, but as you can see in the ABX trade, I also chicken out at times. It is all part of the learning process. and the only way to learn is by
It is interesting that the only way to learn is by making mistakes. I think the key to getting better is to not to repeat mistakes. We all make mistakes, but the people that become good, are the ones that repeat them the least.
Cheers,
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