Apr 22, 2008

FCX, PH - Long

I'll give a nickel to any other gap trader that can produce a good looking chart today that reached the fib. ext on the long side. Entered FCX off a break of the 5th bar high (15) and exited at the ORH. Fairly happy about that one.

Entered PH off the 11am bar (10-min chart) and after a nice initial move, price moved against me. Fortunately, I exited half my shares at breakeven. Up and down day with not a lot of options. Here's to Wednesday.

9 comments:

PRD trader said...

yes upside was really frustrating ,i didnt find a single stock tradeable in the long side.
by the way i added u in blog roll,could u please add me to yours.

mike-malone said...

GNTX, 30m chart. touched the xtn and retraced!

chartguy said...

I didn't take the trade, but the only chart I have that is close is BCSI. It hit 38.6%. Do you consider that a good chart? I think bc of the resistance levels from the daily chart I passed. How do you use support/resistance in deciding on a trade?

Anonymous said...

QID...TWM...SDS...

bl said...

DRYS 4/15, 2/30 9/30...small gap but a gap and plenty of $$

OONR7 said...

mike: GNTX was not a gapper, not on my charts at least.

anon: I said gap ups that hit their fib. exts. None of the stock you mentioned did that. No nickels for you.

chartguy: BCSI was on my watchlist but I didn't find an entry I wanted to take. 5th bar looked good but with the 2nd and 4th bars - along with the overall market tone - made me stay away.
As for daily support/resistance... I keep flipping back and forth. If I have time to check before entry I will. But, I need to see a convincing area of daily support or resistance to talk me out of a good intraday setup. More often than not, a good looking intraday chart will be more than enough reason to enter a trade.

bl said...

nr7...I want my nickels, francs, or whatever you have. I have Kamie to back me up :)

OONR7 said...

what you should be asking for is if I can pay you in Euros!!! And who's this Kamie character :)

Anonymous said...

Sorry 00nr7...I'll go back and look at how you draw your fibs. I thought those inverse etf's would work pretty much however one drew the lines.

John (anon)