Jun 11, 2007

FDRY - Long

I found a few good opportunities today that had nice intraday setups which was supported by the daily timeframe as well. I traded FDRY today after noticing it had gapped up and pushed through a fairly recent daily high at $16.63. Here's the intraday chart:

  • Placed fib. levels from first bar low to high (very strong bar)
  • Price retraced down and below 61.8% level, but used the recent daily high as support ($16.63)
  • I was looking for it to convincingly rise up and through the 38% level - which it did along with increasing volume
  • Entered on a break of the 10:55 candle
  • Exited my position at the fib. extention
While this was only a .27 move, my risk at the entry candle was just .07.

9 comments:

jason said...

Nice one. Hey, what do you think about CROX, 15-min, long above 4th bar high?

DT said...

I also trade a similar chart today. It's OXPS with 15 minutes chart on a break 7th bar. It gaps up and pull back to 61.8% as support, with 7th bar, it's sitting on 5EMA and 78.6% Fib. Also it's the NR7 of the morning. Stop was set to 25.34 and target 26.03 was hit later today.

bl said...

2 cents on FDRY:check out the fib from Friday close to Monday open 5 min bar high...right to the .62. And 4/15 hammerish b/o. I have been using those as 2 fib pts and works well. Good luck on your new site starting off well

Anonymous said...

Hello OONR7,

I see you are using Quotetracker which I also use.

On your charts, I notice several different colored candles - yellow, light blue and white. They have arrows associated with them. Can I ask you what these candles represent and how I might go about turning them on in QT?

Thanks,
John

OONR7 said...

@jason: I really like that entry. The high of the 4th bar high was right at the 38.2% level (intraday) with slightly increased volume. I also like the .17 risk as I've had problems getting into CROX before with a small high/low spread. The intraday R2 pivot would've been a good initial price target as well. I missed this, but I hope you got in.

OONR7 said...

@bl: that's pretty damn interesting. Have you been using this for awhile? I will definitely cross check with my other charts. Thanks

OONR7 said...

@dt: glad you found success with DT. The volume was a little thin so it wouldn't have shown up on my scanner.

OONR7 said...

wait DT... scratch that, I actually put in the stock symbol DT instead of OXPS (f'ing idiot). As for your entry, I would prefer a close above the 61.8 level but your entry was a nice candle and there was room based on your stop to see how the stock played out on the next candle. Nice entry right before the big move!!!

OONR7 said...

@john... those are my paintbars (hammer - blue, shooting star - yellow, hanging man - white) Shoot me an email and I'll send you the code (check my profile).