Sep 17, 2007

CHL - Short; NWL - Long

Mondays have been good to me lately. It's always nice to start the week off on a good note (because you never know what's ahead). I found some solid setups in CHL and NWL. Also, I figure I can skip the whole first line of my analysis, you know 'Placed fibs. from first bar high... blah, blah, blah'. I think most of you guys get it by now. Here are the charts:

CHL - 10-min

  • Price dropped initially, then shot back up to just above the 61.8 fib. level (resistance area) and then dropped back down again
  • Price consolidated with a couple of NRB at the 38.2% fib. level
  • Entered short on break of 11:30 candle low on increased volume
  • Exit half my position on break of the doji high (12:10 bar)
  • Exited remaining half on break of 12:20 bar high as it looked like a bullish morning star pattern and reversal area (daily chart also showed 68.47 as a pivot area)

NWL - 15-min
  • After strong first bar, price consolidated nicely along the 38.2% fib. level
  • Entering long on break of 11:15 candle high. Since the close was near the ORH, I was looking for signs of reversal, but there were none
  • Exited on a break of the 1:30 candle low. Preceeding candle was WRB and my exit candle was a down, spinning top bar. Those were enough reasons to exit for me
  • This was a really nice looking setup

7 comments:

Jerry said...

I was looking at the same two stocks. Too bad I can trade today.

Flatwallet said...

nice job Master Oonr7

Anonymous said...

CHL - how did you layoff the 10:50 am bar. sweeet trade.

QQQBall

Anonymous said...

Nice trades.

OONR7, did you consider BIDU today ?

NoGreedNoFear

John S. said...

Quick question. .I realize you should never use market orders to buy. . But about when you want to exit a position? Sometimes I don't want to stare in front of the computer and see if a position has got filled on exit, and thus I place a stop-loss market order so I don't even have to worry about it. . Could I ask what your normally do? Let's say a want to get out if a stock can't hold 9 bucks. . Most of the time would I get filled if I placed the stop-loss limit activate price at $8.99, and then the limit price below it around $8.94? Just curious what you normally do to ensure execution of getting out of a trade.

Thanks

Anonymous said...

00NR7 -

that was a nifty trade. good entry and excellent exit. gotat love it when you exit near the extreme of the move by following your disciplines. congrats!

QQQBall

OONR7 said...

To all: I realized when I was laying in bed this morning that I messed up in the CHL post. I exited after seeing a bullish morning star pattern, not evening star.

QQQBall: while the 10:50 bar looked great (inside nr7) I was waiting for confirmation of the downward move. The close of the 10:50 bar was also above the 5ema, no increased volume... lots of things, but I just waited to see if there was a better entry for my style. As for exits.. I'm trying to keep an eye on chart patterns to determine when I should partial or get out. CHL was really textbook candlestick exit IMO.

Jerry: I've incorporated the project volume in QT and it's great. Thanks for the tip.

fw: thank you.

nogreed: BIDU was on my watchlist but it hit the intraday fib. ext pretty early and I took it off my list. One day I may stop doing that, but I have no idea when that day may come. I'm so comfortable with the way I trade now that I feel any variance would throw me off.

john s: I always use stop loss. That's the only way to guarantee to get out of a trade.