Thursday, August 20, 2009

Aug 20 - AXP


The first chart shows how AXP was trapped in a channel for the last week or so. I noticed that yesterday so I placed an alarm near the top and another one near the bottom of the channel.


The second chart shows how I executed the trade in the 5min time frame. I basically placed a buy order a few cents above the ORH (which matched the top of the channel) and my stop loss was the low of the previous bar. I set my target at the 38% fib extension drawing the lines from the bottom to the top of the channel, which made sense to me since that was the range in play.

6 comments:

Kat Bay said...

A well set up trade and a trade well executed. I really like that analysis.

Anonymous said...

Trading a plan - nice Anarco.

anarco said...

Thanks guys!
I am spending more time in the planning phase these days.

TraderO7 said...

That's a nice trade Anarco. How did you find it? Looks like that what's Jamie's box trade? I am one of your avid reader. Learning a lot from you. Thanks a lot for your trade post.

anarco said...

Thanks GD. Yes this Jamie's box play.
AXP is on my watchlist so it is one of the stocks that I follow during the day and I also their charts after the session.

RH said...

Hi, Nice post! Would you please consider adding a link to my website on your page. Please email me back.

Thanks!

Harry
harry.roger10@gmail.com