Jul 24, 2007

CHKP - Long

CHKP was a nice base and break setup and I wouldn't be surprised if King Jamie didn't spot and trade this as well. The only issue I had was on my entry bar. I thought it was a bit too wide for my taste, but it was a sweet breakout bar nonetheless. Here's the trade:

  • Placed fibs. from 1st bar low to high (very strong bar)
  • Price then consolidates nicely between the 38 and 61.8% fib. levels
  • Entered on a break of the 10:35 candle high (near OR high)
  • Price then consolidates again at the OR high before moving up
  • Because my entry was at the OR high, I checked to see where the fib. ext. would be if I used yesterday's low (ala Trader X). I found that the fib. ext was at $25.60 so I also kept that in mind as a potential target price
  • Exited on a break of the 12:45 candle low off the 5-min chart (right above $25.60)

6 comments:

Jamie said...

Nice work with CHKP!

I had a short bias on the open but no luck with share availability with IB. Feels like it is becoming increasingly difficult to short since they changed the uptick rule.

OONR7 said...

thanks Jamie. When did they change the rule? I've noticed over the last couple of weeks some problems with lack of shares with IB. I just recently figured out how to view if a stock is shortable from the trading window... which helps quell the suspense. I did short TOS today for some pocket change. I revised my stop on the :15, got out then the stock moved down to where I wanted it to go. Oh well.

Jamie said...

Thanks for the tip re: viewing the shortable status in IB. This is going to make my life so much easier. Is that TOS on the TSE?

OONR7 said...

sorry Jamie... TSO. I didn't mention how to do the Shortable feature in TWS. Just go to Configure, Trading Window and then select Shortable from the right to add to the menu. Red means it's not shortable, green means it is.

OONR7 said...

fyi... yes, it's 1:30am in Paris right now and I'm still up. Talk about jet lag. Worst part??? My kids are also up... ughhhhh.

Jamie said...

Thanks,

I'm all set for tomorrow.