Jul 25, 2007

JAKK - Short

Today was a short day... literally. I had things to do around 11:45am U.S. time so I was hoping to get in and out quickly. Here are the facts on JAKK (10-min):

  • Placed fibs. from 1st bar low to high
  • After a strong push to the OR low during the 10:00 candle, price retraced back to the 50% level... this is when I started looking for an entry
  • Entered short below the 10:40 candle after it closed strong on increased volume
  • Price fell fairly quickly to the fib. ext. and I had to choose whether to hold the trade till late in the day (with a trailing stop or something) or take profit at the fib. ext.
  • I decided to take profit at the fib. ext. (as you can see, price dropped even further)

4 comments:

Anonymous said...

nice trade...
I like the trade to hit my target, other than using a trailing stop and let it stop out eventually.

-DT

bl said...

Way to go nr7 on the fibs and WRB. AMZN had a nice 1 min chart at the open. Ihave a new screen: most points up nazdaq: 19/31 were over $40 from Scottrade's Best Point Performers, and newsy stocks like amzn today. Looks like appl Thrs Nothing fancy...no long lists like I have been doing with poor results.

bl said...

Forgot...Get some sleep!

OONR7 said...

dt... don't understand your comment. You like the trade to hit your target and then you use a trailing stop?

Also, I was looking at an old comment you made about a homemade scanning script for IB. Are you still using it and would you be willing to share the details?

bl: I don't know what I'd do without the fibs. I've had a number of revealations during my fairly short trading career and one of them occured when I reviewed the new materials from tradethemove.com. It just all clicked after that.