Aug 2, 2007

BKS - Long

BKS looked really nice on the 5-min chart as it gapped up then retraced - almost gently - back down to the 38% fib. level (never closing below the 50% level). This was a fairly easy going trade and a welcomed one at that. Here's the trade:

  • Placed fibs. from 1st bar low to 3rd bar high
  • Price retraced and based around the 38% fib. level
  • Entered long on a break of the 10:45 candle on increased volume (very strong bar)
  • Stop was at the 50% level (been doing a lot of this lately and may stick with it)
  • Exited at the fib. ext.

14 comments:

Anonymous said...

can you post your paintbars? I'm interested in those arrows on your chart

OONR7 said...

anon... email me: oonr7chat 'at' gmail dot com. BTW, I have no idea why I don't just put the email address normally. I have just seen it done that way. Is it because of spam or something?

Closet Daytrader said...

OONR7,

Nice trade!

I would like to pick your brain to see how you would trade GYI today.

I was kind of looking for an entry signal with 1.5x the volume. I just want to know how you would handle it.

Thanks!

CDt

Richard said...

I'm trying to absorb your style, and ERTS is one I spotted today. I think it fits your criteria, anyway! I was watching a 3min chart, where entry would be the 9:48 bar. It looks like it mostly qualifies on the 5min chart at 9:50, as well.

Was a nice trade. It eventually hit the 38.2% extension, but you'd have to be braver than me to hold it that long!

OONR7 said...

closet... think I would've immediately removed GYI from my watchlist because it didn't have a nice wide-range open. Also, didn't really see my kind of entry on the 5-min chart. The 10am bar looked the most interesting but it left a lower tail at the ORL. Just not a lot on the chart for me to get exicted about except for the end result.

OONR7 said...

Richard: there was a decent entry on a break of the 9:50 bar high, but that would've been way too early for me to even look at. I like how that bar came after a strong bar that bounced off the 38% fib. level and the first bar (OR) was very strong as well. If I was in it... I agree, I don't think I would've lasted to the fib. ext. You entered perfectly on the 3-min chart. I usually like the bar prior to my entry to be an up bar (for longs) but if my entry bar is convincing enough... I also take it. Looks like you made a pretty easy profit if you sold safe at the OR high.

Jerry said...

It seems I am either too careful or just wanted a perfect set-up. I just can't enter EK, BARE and few other stocks today.

Glad some of you have successful on your trade.

Richard said...

oonr7: thanks for the help. It was a pretty early setup, now that you mention it. I'll be more careful about that.

Jamie said...

CDT,

GLW was on my watch list today. I wanted to short it after the NR inside bar (7th bar). However, the downsloping 5 ema was just too far away and I passed. Shoulda woulda coulda shorted it after it took out the midmorning swing low.

Jim C. said...

I believe Jamie meant GYI, not GLW. Yes, GYI had a couple of good tight setups.

Jamie said...

Thanks Jim,

Yes I meant GYI, GLW was from last week.

Closet Daytrader said...

Thank you, oonr7!
Thank you, Jamie!

Well, I did managed to play a little reversal trade near the bottom. :-)

Anonymous said...

pretty trade. getting in at the .382 level sure increases the profit potential (when it works :). nice trade!

QQQBall

OONR7 said...

Richard: hey, that was a good catch on your part. I would love to get in earlier on trades but I'm so busy weeding out my watchlist and adding fib. lines that I don't normally get to look for trades till about 10:10.