Jan 16, 2008

NITE - Long

NITE was another failed reversal play. I entered off a break of the 12:30 bar high which closed strong and above the high of the previous bar (which was the potential reversal bar). Price quickly stalled and I was a bit nervous it might not even make it to the ORH. But it did a few bars later. I had things to do and exited during the 2pm bar.
 

8 comments:

Hammer Trader said...

nice trade OO.
But I notice that then entry bar has lower volume than previous bar, didn't you have the rule that entry bar need to be 1.25 time of the previous volume?

LP said...

look at you .... back to back...

greytrader said...

I took that one out of my list after the first 7 bars... Too much craziness :-)

OONR7 said...

hammer: good catch. I was reading Tom C's blog the other day and he mentioned that he (like X) does not look at volume for each individual bar. Also, for entries on failed reversal plays, I'm looking for the candle to close at or above (below for shorts) the open of the previous bar.

OONR7 said...

lp: look at me, a daytrader with two consecutive winning days... who woulda thunk it??? I'm fing going for three dude!!!

OONR7 said...

gt: yeah, a little crazy in the beginning but it settled down. I also liked how my entry bar took out the upper tails of the previous two bars.

OONR7 said...

hammer: I've totally forgotten to thank you for the OCA info. I've been using it for a week now and it is perfect. Takes a lot of the worry out of being away from the computer. Thanks again.

Hammer Trader said...

OO: You are welcome, I'm glad I can help.