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Haven't seen this kind of action from me in a while. But... the setups were there and I took them. Entered 5 trades and all were profitable except for SCHW. Overall, I'm pleased with the results even being as conservative as I was today.
Trades: INFY, MTW, BHP, ARW, SCHW
More info on the charts below:
EDIT: Once again... Internet Explorer is not displaying the 4 charts correctly. I don't have time to edit for 2 browser types. Just switch to Firefox already, will ya?
Posts
14 comments:
On the MTW trade how did you calculate the 38% fib mark? Did you use the previous day high to opening range low?
Also looks like you are missing the lower wick on the OR bar. What are you using as your quote source?
Would you mind explaining your "no-brainer" on BHP. What makes this a no-brainer? The NR7?
The previous bar was also a NR7 with the lowest volume up to that point.
Thanks.
rz: for MTW, I used yesterday's high to the low of the first bar (5-min) for my fib. lines. As for the data... I cleared it and backfilled again and it's the same. Remember that it's the 5-min chart, not the 15.
As for BHP... my entry was an NR7 that closed strong. The previous bar may have been an NR7, but is closed weak and below its open. I typically don't enter on these kinds of bars unless it's an inside bar or a more compelling reason.
Nice trade OO.
BHP: makes sense. Only thing is, weren't you worried about those long upper wicks on bars 10:00 -> 10:20?
Strange on the MTW opening bar. My quote has,
Open: $39.00
High: $39.00
Low: $37.75
Close: $38.09
hammer: thanks.
rz: I was worried about the upper tails but the lower highs led to a natural trendline and my entry bar closed above this trendline. Also, that NR7 after a 2 bar retrace into the ORH on dried up volume just led me to believe the stock was going to shoot up.
Also, as for MTW, I just backfilled using two other sources (other than Prophet) and you're info is correct. Uggghh... don't get me started with data feeds. I actually subscribe to Marketfeed (which had the right first bar) so I guess I should start using them. However, I may have missed that MTW trade... what to do... what to do???
Thanks for the further clarification on BHP. Very insightful.
What broker do you use to enter your trades?
I guess you should be happy about that misquote otherwise it would never have hit the 38% mark!
One more question on INFY. What was your stop on this trade? If you used the entry bar it looks like you would have been stopped out at the 11:15 hammer.
Do you usually use the entry or previous bar as your stop? What are you considerations when choosing?
Once again, thanks!
Very nice trading 00NR7!
rz: I use Interactive Brokers. As for the missquote... I probably wouldn't have entered off the 5-min chart, but price still would've hit the fib. ext (and gone way past it). However, I like the 15-min setup (2nd bar, which is inside and very close to 5ema and right below S2).
As for INFY, my stop was 2 cents below the entry candle. I thought I was going to get stopped out as the 11:15 bar spiked down to 1 cent below my stop... but the order was not triggered. That's happened recently in IB. Whether it's a buy-limit or a stop order... it doesn't always trigger immediately. Must be the order I'm in or something.
rz: if my entry bar is pretty tight, I'll look at placing my stop below the previous bar's low. However, if the risk is low and I'm confident in the trade and I'm doing well on the day I may just use the entry bar's high/low spread, load up on shares and wait and see what happens. A lot of things change when you have a couple of good trades (and profit) on the day.
anarco: thanks.
Good trades oonr7..
thanks traderam
Very excellent work! Congrats.
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