Jul 17, 2007

ROH - Long, KG - Short

I went both long and short today and, as I've mentioned before, I really like when I do this and remain profitable in both trades. I'm trying to take as many good trades as possible as I'll be off on Friday, not only because of OPEX, but we're heading back to Paris on Saturday and I need to buy some cheap American goods!!!
Okay, on to the trades:

ROH - Long, 10-min

  • Placed fibs. from first bar low to high
  • First bar left a long upper tail, but still closed up. Bars 2-5 consolidated at the 61.8 level (starting to look bearish)
  • Entered on a break of the bar 6 high after it closed strong above the 38% fib level
  • My initial price target was the OR high because of all that room in the 1st bar's upper tail
  • Exited off the low of the 12:30 candle on the 15-min chart (hanging man)

ROH Entry, 10-min

ROH Exit, 15-min

KG - Short, 5-min
  • Place fibs from first bar low to third bar high
  • After the 3rd bar, price dropped below the 61.8% level and I looked for a short entry
  • Entered short on a break of the 10:45 candle low
  • After 1:30 price was consolidating again, but I needed to head out
  • Exited on a break of the 2pm candle high on the 5-min chart


Bubs said...

Great trades as usual. Just had a quick question as to why you wouldn't short on the break of the 10:20 bar? Thanks

OONR7 said...

thanks bubs... I made some tweaks to my watchlist and have stuck very closely to my rules. I'm wondering if it's my changes or the market that's given me such great opportunities as of late. Time will tell.
As for your question... the 10:20 candle did not breakthrough and close below the 61.8 level. I like candles to break below or above the 61.8 or 38.2 levels before entering. However, I was stalking that candle for a potential entry, but decided to hold off.

Anonymous said...

you're getting preety studly at taking the trades above/below the .382 retrace. great trading. for some reason, those take alittle more attention from my perspective--- my eye doesnt grab your short trade the way it does the long.


OONR7 said...

QQQBall... after looking at charts for so long, you really start spotting the setups easier. It's also better when my watchlist is manageable. Also, after compiling my watchlist, I move stocks that are near their 38 or 61 level to a 'shortlist' and pay special attention to those. I flip through my charts every 2 minutes or so to see which canidates can get on the shortlist. It's actually a pretty nice routine so far.

bl said...

oonr7,nice. also KG hit the .68 retracement from yesterday's close to today's OR low, REVERSED. Have you noticed this and perhaps a reliable short entry?? GLBL. or .38: IPCR. or .5: PXP. What a semi set up at the open! Sometimes it's good to mojo with the momo's: lrcx nvls klac form cymi vsea bolted at the open no set up pure momo. Actually that is a set up: sector news. I saw ROH move 6 points in 5 min. Bot 10:15 hammer for coffee and donouts.

bl said...

Just realized this a Trader X B&B set up. Didn't see many longs B&B(ORB DSX PII), many short and clearer. We'll see if this happens Wed. IMMR almost his the .5 retracement yesterday. Went further down today. Nice follow thru. might keep an eye on today's shorts follow thru Wed.