This is a very nice setup that I trade often.
CNQ gaps up but cannot hold price above PDH. Then it prints 2 NRIBs in the tail of the first bar and below PDH. Something very important to note is that although the fourth bar is WR red, the volume is very, very low, that for me was an indication that sellers were not in control. The fifth bar prints a green hammer on high volume and I thought to myself that the party was over, so I took a partial when the high of the hammer was taken. Fortunately, price kept dropping (very slowly) until it reached my target: RZ.
6 comments:
Nice trade Anarco. I traded CELG today which looks somewhat similar to your CNQ setup. I took partial when it CELG found support on 20 EMA on the 15 min. First candle is a doji candle which is green , followed by 2 NRIB within the first candle. Was it a trade worth taking? Would appreciate your comments on it.
Thanks
Thomas
Hi Thomas~
Intraday CELG looks great. The first three bars are perfect and the volume pattern is good.
The problem with both CELG and CNQ is that both stocks had a huge bull day yesterday (WR green bars daily chart), so it is natural that buyers are going to defend the PDH level. CNQ works better than CELG, but your execution (as far as I can see) was great.
The nice thing about CELG is that after you exit, it printed a nice rounded base, so you could have taken a target trade to the PDH. Just something to think about.
I also took CLF on a similar setup, but CLF did not have huge day yesterday, so it worked better because it was happening on sellers territory.
Hope this helps.
the very high volume spinning top at EOD yesterday is interesting.
Thanks Anarco. CELG support on 20 EMA made it clear that it wasn't going to move further down but it just did not strike me to enter a long position when all the candles at the support were screaming to go long.
I am thinking to post my trades on the blog which I started earlier but stopped posting. I would appreciate if you could stop by and comment on the trades that I take - where I went wrong, what I should have looked for and how to improve my targets etc. I will appreciate your input and help.
Also, I have posted the criteria for this type of setup from your GS trade. I will appreciate if you could take a look and check if they are okay and if I had missed any point/s. Here is the link: http://daytradr.blogspot.com/2009/03/mar-13-celg.html
BTW, do you have any name for this setup?
Thanks,
Thomas
Hey QQQBall~
I agree. And a lot of the indexes printed a doji. Let's see what happens next week!!!
Cheers,
Hi Thomas~
I wish you the best with your new blog!
Of course I'll try to help, but please remember that I am also learning.
I don't have a name for the setup yet.
Cheers,
Post a Comment