Jan 9, 2008

Frozen by inactivity

I think I passed on a trade today just because I hadn't seen a lot of good setups the last couple days. VFC presented a nice (although not perfect) opportunity right below R2 on a NR bar with enough room to run to the ORH. The long upper tail on the first bar coupled with potential resistance from R2 made me stay out of it. Too bad. So... no trades today.



10 comments:

Jerry said...

I guess we followed our rules and missed many trades. However, it is our rules that save us pain and $.

OKE, APOL & PPDI is good choice today. I chosen PPDI and closed position to breakeven as I have personal matter to attend. And my target of R3 was reached. Well, tomorrow is another day.

Dave said...

I passed on VFC too if that makes you feel better. APOL and TG were good. Got stopped out of CNC short.

greytrader said...

VFC, not obvious with potential R2 resistance. It took off with the rest of the market after entry but the setup did not look very good by itself IMO. Have been sitting on my hands recently also :-)

anarco said...

Hi, I discovered your site recently and enjoy it very much! I was reading your archives a few days ago found the Rise or Fall postings very interesting and educational. Keep it up!
anarco

Anonymous said...

garmin..made a boatload of money of course using reverend OONR7 methods
thx all

bl said...

APOL was a Briefing gapper along with vfc oke ppdi. Sympathy school plays:coco ceco cpla esi stra dv

OONR7 said...

dave: you passing on VFC does make me feel better :)

gt: oftentimes a nice clear signal right below a key area of support or resistance is just perfect for me. Hop on the train before it gets moving. While VFC wasn't perfect, there wasn't a lot of 'craziness' in the chart. Other than the long upper tail on the first bar, price had settled down. The potential entry bar was also above the close of the first bar and the prior to it as well (this is what I keep referring to as a failed reversal setup). While not a WTF kinda trade... I still think it was worth a shot. As I mentioned in my 2007 lessons... waiting for the perfect setup will increase discipline, but not always profit.

OONR7 said...

anarco: glad you enjoy the site. I know, I've totally slacked with the Rise or Fall feature. LP is also hounding me :)
I will certainly have one up for this weekend.

OONR7 said...

anon: glad I can help you, but I don't see a setup in GRMN. What timeframe?

gt: let me clarify: "...a clear signal right below OR ABOVE a key area of support or resistance is just perfect for me."

greytrader said...

Yeah, I know you are right. It just seems every time I try to loosen my entries, I end up losing money :-) I am probably being too conservative.

Long periods of inactivity these days.