Oct 11, 2007

MDG - Long; RT - Short

By a show of hands, how many of you have been staring at the monitor, waiting for a setup only to be distracted or get tired and move on to something else... but when you get back to that same stock the setup you were originally looking for happened during the exact time you were away from the computer? Nice... I see about 5,000 hands. That happened with WX today (at the 1:15 bar on the 15-min chart). Breathe in.... breathe out.
It's not so bad as I had success with MDG and RT today. Here are the charts:

MDG - typical OONR7 play (haven't seen much of those lately).

  • Entry above the 38.2% fib. level (nr7 bar with volume) and right above R2
  • Exit at intraday fib. ext

RT - very nice Trader-X trade (finding more of these lately)
  • Entry below the ORL, inside bar, inverted hammer on decreased volume. Not as close to the 5ema as I would like, but close enough considering the upper tail
  • Exited during 12:50 bar... didn't like how volume dried up with nr bars... felt like a reversal and I didn't want to give up dough

12 comments:

Bubs said...

Great trades today. Its a horrible feeling watching a stock for hours only to make its move without you.

John S. said...

Boy did I mess up today.. Shorted BIDU at 121, only to get whipsawed and see it run up to 129, which turned out to be a shooting star candlestick. . Still, couldn't take anymore pain and covered for a $500 dollar loss at 126. . I had the right idea since it tanked lower, but just bad entry. I should have known it would try one last time to test resistance at $130. .

greytrader said...

John,
You sure messed up... I think you need to add 200$ to your BIDU prices :-) The low for the day was $301.25

John S. said...

Sorry, you are right! : ) lol

QQQBall said...

MDG is getting taken out by AUY.

im not gonna pay for IQfeed, i'm notified them - $50 for data feed, i think i can cut a better deal. i dont need the L2 full depth, but i do like the raw data w/ sales. i like to see where the sales are firing off at. im gonna figure something else out. im not gonna pay $.01/share either. maybe i shudda stayed with cybertrader? :)

Jamie said...

Nice work on MDG. Saw a number of failed breakouts today. MDG got off to an early start and extended nicely.

Flatwallet said...

check your email.

jason said...

Great trading my friend!

Can you share your thoughts on CHS, 10-min, short below the 10:40am candle?

Thanks,
Jason

jason said...

Btw, this is a trade from Friday's action.

Thanks,
Jason

OONR7 said...

fw: checked and nothing's there.

OONR7 said...

jason's back!!!! That was a great entry... drastically reduced volume, inside bar right under S2. However, if you look at the daily chart, you'll see major support at the $14 level which was also the intraday fib. ext. I probably would've taken a partial at that level and see if it would break. CHS didn't show up on my watchlist as I've been looking for gappers to clear yesterday's high/low as well.

jason said...

Good call on the intraday support; something I've recently ignored. Also good idea re: clearing yesterday's high/low.

Thank you for the analysis.