ZRAN - Short
ZRAN is a great example of what I call a failed reversal. As you can see, bars 5-6 moved down and below the ORL. The 7th bar (11am) was a 'reversal' bar to the upside. However, bar 8 (my entry) failed to confirm the reversal bar and closed strong right below the ORL.
About the only I didn't like was that I was buying at around $16. Price initially moved down after my entry but then consolidated right below the ORL. The 1pm bar spike made get a partial order ready but I decided to let it ride and kept my original stop in place (break of entry bar high). All in all... it worked out well and I exited at the fib. ext. I also tried to get into NZ (1:30 bar low, :15) but IB couldn't 'find' any shares.
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6 comments:
I moved my stop and was stopped out. Too bad.
during the 1pm bar strike?
Yep. I moved my stop to $16 the bar before as it looked like it reverse. Such shame as this was a beautiful chart.
Very nice trade! Congrats.
how did u survive 1 pm bar,was really choppy yesterday.nice blog.
anon: my original stop was the opposite end of my entry (plus 2 cents). So, price would have to hit 16.20 to trigger... which never happened. But, as I said, I did have an order ready to partial out but I decided to just let it hit my stop. I really thought I'd be stopped out.
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