As we all know, there are multiple events affecting the market this week: Fed, Option Expiration, etc. So after the huge "Ben Rally" yesterday, I came into the session with the idea that market would pause or chop around. That was true for most sectors, although the financial gave back a bit and some of the commodities extended the rally. But the main point is that I wanted to profit from smaller moves, as opposed to trying to catch big moves. That is what I call target trades. The profit target for the "target trades" is typically a major PP or another meaningful indicator such as PDH, PDL, or round numbers.
So here are my for today:
NKE gapped down, but the bulls were in control and took price to RZ, NKE then retraced to the PDL and printed a nice NR bar with a long wick at the base of PDL. I used that as my trigger bar and exited at RZ.
WFC showed weakness at the open and printed a nice h pattern. The trigger bar is an "in the tail" weak bar and the target was RZ.
BUCY was also an "in the tail" trade after a successful retest of R1. The target was R2.
12 comments:
Anarco,
You are doing great with different timeframes. Keep it up!
Tyler
Thanks Tyler!
I am still struggling with the 5min chart. But today NKE worked out.
Hope you had a good time.
Cheers,
Hi,
I am just trying to learn, still paper trading. Tell me why what I see is wrong, I see your entry candle with a long upper tail, and the previous candle is strong down candle. What I would have done, obviously wrong is try shorting instead of going long. Ohh, thanks for your blog.
Hector
Hi Hector~
Japanese candlestick reading is an art and I am still learning.
On November 08 I asked the same question to Trader X, and this was his response:
http://traderx.blogspot.com/2008/11/eca-112608.html
Hope this helps,
Anarco,
What do you think of XOM today as a short on the 15 MIN chart when it can't take out the PDH?
I know you do a lot of these PDH failure to the RZ, but wasn't sure if this fit your criteria.
Thanks,
Tyler
Hi Tyler~
In the moment, I hesitated on 2/15 because I was also looking at the 10min chart, and 3/10 is a WR red bar.
In real time 5/15 was confusing to me because of the 2 doji preceding it. and the fact that it closed green.
When I look at the chart now, it looks like a pretty good darn chart. And on the 5min chart we can see that price NEVER closes above PDH (which IMHO is very bearish).
Thank you for bringing that up Tyler. I think this chart deserves to be studied.
Cheers,
By the way, this type of exchange is exactly why I blog: I want to learn from others and share what I discover. At the end, I hope we all get better.
Thank you guys and gals!!!
Nice job - good planning.
Anarco,
Thanks for your input. It was 5/15 that I was looking at. You are right, at the time I bet it was confusing. I did not see it until tonight.
Thanks,
Tyler
Thanks Jamie. I have a similar plan for tomorrow.
Nice trades. NKE was a premkt WL looking for the quick rally(1/10" candle begs to go long?) that I've noticed recently: IBM GES.
WFC 8/10" doji hits the OR 5Fib retracement-trigger short- and closes at 5Fib extension. Alot of the commodities reversed 5/10", esp coals: jrcc mee anr clf
thanks for your response.
Hector
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