I am going to be in meetings the rest of the day but I managed to score a nice trade on MT. This trade applies the new way that
Trader X is drawing fib lines (although there are not really fib lines anymore at these levels). The idea, is that we measure the move from the ORL to the swing High and draw 25%, 50%, and 75% levels. A retracement to the 50% level is normal for a trending stock, but if price stays in the to 25% are is quite bullish.
MT gapped up at the open and buyers kept the pressure up. Then there was a slight retracement, but it stayed in the top 25% area, and then there was a reversal candle (DOJI) that closed above 25% line. I entered on the break of the Doji high and exited at the 38% fib extension. This one will likely continue up, but I need to shut down for the day.
6 comments:
Trader X looks for 30 min range breakout mostly MT was a 60 min breakout. Nice quick trade, well done.
Hi Greytrader~
For this one, I was not really looking at the time frame (30 vs 60), I was looking at the morning swing high. I think it would have not been very meaningful to use the 30mins in this case. Just my opinion.
I entered on break of 3/10.
Awesome!
nice ABC structure on that one - very symmetrical.eyeballing it loks like 1:.618 A-to-C ratio?
nice ABC structure on that one - very symmetrical.eyeballing it loks like 1:.618 A-to-C ratio?
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