Sep 12, 2007

MVSN - Short

Hey... how about that, a trade which I can post a chart??? Today really wasn't any different than the previous couple days as far as gappers are concerned (not a lot of candidates). However, I did find a great setup on MVSN. Here's the trade:

  • Placed fibs. from first bar high to second bar low
  • Price rose, tagged the 61.8% level, dropped and consolidated just below the 38.2% level
  • Entered short on a break of the 10:50 candle low (notice the half circle before entry) on increased (actually huge) volume
  • Price broke down below the ORL but then consolidated again right above the fib. ext. and I decided to pocket my winnings at that point
  • I've written a couple of posts recently about the 'craziness' before an entry candle. This trade was very 'sane'. Very little lower tails and a good amount of NRBs before entry.

5 comments:

Flatwallet said...

Nice trade on the 5, 15 & 30. Love it when stuff lines up on all time frames. Good Job

OONR7 said...

fw: couldn't miss this trade as there weren't a lot candidates anyway :)

Prospectus said...

Bravo!

Jamie said...

Lots of inside bars and NR7 in 15 min. - great setup!

Anonymous said...

inside trade/

QQQBall