Nov 8, 2007

KNXA - Short

Hello, my name is OONR7... and I'm a chartaholic. I'm always looking at charts and trying to spot new patterns to make my entries easier to spot and, of course, more profitable. My new craze is price retracement. But not just any retracement... specific 2 and 3 bar retracements which leads to a potential entry bar. I've always used retracements in the past, I just haven't specifically sought out the 2 and 3 bar retracements. What I like is that they're pretty easy to spot and very effective. I took my KNXA trade today based on a 2 bar retracement into a shooting star. The entry was pretty far away from the 5ema, but I really like entering on a shooting star for shorts as it provides a very reliable stop area. I was able to grab 1.2 points off of this trade as I exited at $17. Here's the chart:

Other nice retracement opps:
SI (15-min, 2:45 bar)
RATE (30-min, 12pm bar)


Jerry said...

Can't see the same about my day.
Nice that you profit.

QQQBall said...

that was a great trade. i sat there and watched it and didnt take the same set-up. yikes!

nice trade