POT had a steady move down until around 1pm and then it printed a higher low and a small base. I entered on the break of the base, took a partial at the previous swing high, and exited when buyers could keep price above $76.
This is a "top out" setup developed by Trader X. I entered on the break of the 4th bar low, and exited at the close of the 5th bar. I did not really like the long lower tail at RZ and that proved to be the right call.
AMB was a nice setup but I ended up taking a small loss. AMB gapped down below PDL and S1 and it printed 2 NRIBs. The volume pattern was not great, but I thought price would collapse. Well, it hang around that area for a long time (while the rest of the market was tanking) so I finally decided to exit (four bars after my entry).
5 comments:
Curious why not short POT -2/15, then go long if sets up? 9/16 commodities WL had -2,/15 IB's(56%):anr agu adm.... POT hit the 10ema 6x before reversing with 1x evolving into "h" pattern. Interesting. Dang I missed it. I was setting up 15 and 30min open WL charts to observe 2nd IB b/d if happened, and it did. I was also looking for a reversal in the fertilizers but what the heck.
Correction: "hit the 10 ema on 1min chart"
POT 2/15 or 3/10 would have been great!
I was decided just to watch the show today, having some possible obligations today.
I was able to trade the h pattern on POT early in the morning, but got out way to early.
After the POT downward move was over I was convinced of just one thing: that Jamie got the entire move on POT.... and I was right on that!!
Nice trade ANARCO on POT, nice patience for the balance of the position.
Hey JF~
Congrats on getting in with POT. The h pattern rocks (although I have not traded it much lately).
Good trading tomorrow!
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