Aug 29, 2007

CHL - Long

There were a lot of trades I didn't make today because the market's kinda psyched me out lately. NVDA and RIO presented some nice inside NR7 entries but I determined that the craziness prior to entry was too much. I did enter CHL - which had a number of nr7 bars prior to entry. Here's the trade:

  • Placed fibs. from 2nd bar high to 9th bar low
  • Price actually retraced more than 100% before rising again
  • Price then consolidated around the 61.8% level with a series of NR7 bars
  • Entered long off a break of the 10:50 bar high on increased volume
  • Sold half at fib. ext and the remaining half on a break of the 12pm bar low
NOTE: I credit my exit after coming across the following web page. Just made me more aware that I should really pay attention to candle formations for reversal patterns.

5 comments:

greytrader said...

The web page is way cool !

Thanks

OONR7 said...

welcome... it's pretty amazing how I can identify these patterns. For instance, in my CHL trade, a bullish mat hold formed at the fib. ext. Maybe next time I actually buy more shares there??? Just more knowledge.

Jerry said...

CHL was my second choice.

On your blog, how do you put Previous Posts? Is this manually done or by the blog setting?

I only was able to use find Archives by Month...

Anonymous said...

"bullish mat hold"

im clueless as to the meaning?

nice trade!

QQQBall

OONR7 said...

jerry... not sure about the 'Previous Post'. I just checked my settings in blogger and didn't find anything. It may just be the template (customized) that I'm using. Try looking at other templates.

qqqball: bullish mat hold is a bullish continuation pattern that is featured on the web page in my last post.