Oct 26, 2007

HITT - Long

Can I just say that I refuse to buy LEGO toys for anyone else's child because I know it's the father that has to put that shit together. Then, when the freakin' pieces start falling apart you have to be there to put it all back together again. Each finger-shredding piece was created by the devil himself.

On to today's trade. I really wanted to short ORCC but I didn't. Shame on me. I did short WMI for a few Cohibas worth and I went long HITT to end this crazy week on a high note. Here's the trade:

  • Gap up with price immediately falling down but still within the 15-min OR
  • Price proceeded to climb up and past the intraday 38% level then retrace back
  • Entered long on a break of the 11:45 bar high which was an inverted hammer off a nice 2 bar retrace (on decreased volume I might add)
  • My entry was right below R3 and I figured it would break through easily but I had my eye on it nonetheless
  • Exited just above R4 (which was around the intraday fib. ext.)

8 comments:

QQQBall said...

WM long

then sat like a statue and watched NEM run.

a really good set-up i passed was MSCR, MCRS or sumtin like that. it had a big gap and i thought it might punk out.

i had tons of problems logging into my new brokerage acc't.

greytrader said...

Looks like you have adopted R3 and R4 :-)

QQQBall said...

havent said it in a while, but thanks for teh blog. its great to see other set-ups.

OONR7 said...

qqqball: you're welcome. What brokerage are you using now?

gt: no doubt. They may explain why my previous trades may not have worked out.

John S. said...

Anybody been playing WCG? If this thing ever capitulates with the selling in the 20's, might be worth a setup going long if it ever shows a NR7 on the 15 minute timeframe. .

00NR7, with NR7, do you want lower volume to occur or higher volume? You mentioned lower volume, right?

Thanks,

OONR7 said...

john s: I see what you mean with WCG. As for nr7s... I do like it when they form on suddenly reduced volume at the 5ema. But, it doesn't have to be lower volume. For example, if a shooting star-like nr7 bar forms at the 5ema with normal or higher volume... I'd definitely look to enter.

John S. said...

With a shooting star, you would mean in terms of a short entry, right?

OONR7 said...

john s: yes, sorry I didn't clarify.