Jul 19, 2007

SWY - Short

I cannot be distracted whatsoever when trading the 5-min charts. I literally check the charts every 2-3 minutes for signals and if I'm away from the computer for any short amount of time, I could end up missing a great entry. So today, as I'm leaving on Saturday, I had some family show up at around 10:15. I had to excuse myself several times, but I did manage to go short SWY (my only trade of the day). Here's the chart (10-min):

  • Placed fibs from first bar high to second bar low
  • Priced retraced up to the 50% level but promptly failed and left a long upper tail (bearish)
  • Entered short on a break of the 10:30 candle low (also a NR7... ahhhhhh, ain't she a beaut???)
  • Exited on a break of the 12:45 candle high on the 15-min chart
Entry

Exit

12 comments:

JerryC said...

Do you sometime find 5 min to small to read? Perhaps is my screen resolution (old display and tv/mon).

This is the same trade I wanted to trade, but I missed the entry big time due to computer problem.

I email to QT alone with request for shortcut key of prophet chart.

OONR7 said...

jerryc: I actually zoom in on the 5-min chart to only show from yesterday at 3pm or so to around 11am today. Sorry about the computer issues. Prophet was giving me some data problems this morning too.

Bigfish said...

Great trade! It drives me crazy when I am trading, that is when I get bothered the most(whether it be the wife, the phone, the doorbell...) Can't they just leave us alone!!
So you have been working while you were suppose to be on vacation, huh? (or "holiday" is how you may say it)

Bigfish

OONR7 said...

bigfish... interruptions are a big problem. I really want to build a room with a light outside that is 'ON' during trading hours. I'm actually American living in Paris so I still call it vacation :)
I took the week of July 4th off for vacation and I have been working the last two weeks. Have you been doing well lately with the trading? Haven't seen you around.

Jerryc said...

Great idea, the light is similar to the operation room. Add a Do Not Disturb in case. :)

Anonymous said...

i used to try and talk on the phone and trade - doesnt work... it was difficult for me to let the phone go to voice mail.

my problem coming up is that i may have to start driving my daughter to school at 7 am pst (west coast) as my son will be off to university. that precludes any trading in first 1+ hour of day. makes it tough and may have to try & do more swing trading with hard stops.

QQQBall

Bigfish said...

Maybe we could build a couple "panic rooms". At times I know that would suffice my situation.
Well I hope your vacation was enjoyable(sometimes all work and no play, makes "jack" a dull boy!)
I've been doing good, but always striving to do better(trading and generally everything else). Been a little busy, lake living makes it rough in the summer to find much spare time. Trading takes up most of that, as I'm sure you know even much more(having to spend time putting together your blog). My hat is off to you and everyone else who manages it very well!
So I will be around but if you don't hear from me from time to time....its because I am locked in my panic room! ha ha

One question...why Paris?

Keep making the doughnuts!

Bigfish

bl said...

oonr7,
Question:
2 Friday shorts HUBG WR sold off further and PKTR WR rallied. Do you treat them the same, ie put the fibs on them and look at the fib 38/62? Which one? A bit confused. Thanks!

OONR7 said...

BL... HUBG was a great short off the 11:10 candle low on the 5-min chart... classic OONR7. As for PKTR... I would've immediately removed it from my watchlist as it hit the intraday fib. ext. early on on the 5-min chart. Plus, I don't like shorting stocks when they pop up too much.

bl said...

nr7,
Thanks, What I see now is both PKTR HUBG had WB but PKTR retraced to the 38Fib inter retracement(prev day close-today's OR lo)immediately and reversed, and HUBG sold off further, then retraced to tjhe interday 5Fib, then reversed. Your example of the KG other day is more along the lines of PKTR, or Trader X B&B plays. Point being is that it's the set up that counts whether it's a Trader BB play(intraday Fib)or nr7 WR play(interday Fib) but both can use interday or intraday fibs for setups I should think. Makes sense to me now. Oh yah!

bl said...

nr7. Don't know about your scans but Warrior' premkt Briefing does pretty well: of 18 naz stocks isrg ncst jade pktr did pretty well. Add some ny stuff(14 more) and you have x cat bvf ahm. Beauties. Do you use Briefing premkt??

OONR7 said...

bl... I don't really look at any pre-market stuff. I run my scans about 20 minutes after the open and most of the briefing stocks are included in them.