HES - Long
Not sure why I feel 'lucky' when I catch a nice, narrow range entry bar at the perfect spot but that's what happened today with HES. Entered off a break of the 1pm bar high which was an inside NR7 right at the ORH. I took a partial at $117 then sold the rest of my shares after seeing a shooting star on the 5-min chart (1:50). I always freak out when price really moves in my favor as I feel like it's about to drop at any second. Plus, with every .10 move against me I start talking to myself (not a good thing).
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17 comments:
Nice one. Just one question. Did you use the low of the NR7 bar as a stop or the prior bar?
rz: thanks... I used the low of the NR7.
Nice commentary..I like it :-)
Wow thats a tight stop. You must have gotten around 4R on that trade.
Didn't you have any worries that price might retrace a little and/or test the 10ema? What gave you such confidence to have such a tight stop?
Thanks!
rz: tight stop but considering the spread I didn't want to enter the trade to waste my time. I don't use the 10ema, I use the 5ema. If you look at my entry... the low of the entry bar is below the 5ema which is where I would want to exit anyway (when price spikes or closes below the 5ema for longs). Understand what I'm saying? If I had a wider stop then I would be staying in the trade longer than what I should be anyway... just wouldn't make sense.
traderam: you like it when people talk to themselves?? That's just sick :)
Nice trade, OONR7!!
Are you still using Ameritrade for data? I just compared my chart to yours, and mine has a slight upper tail on the 100 NR7 bar, the 1215 maribozu too for that matter. I am using Ameritrade's data with QT, and thought I remember you saying that you used AMTD too. How could we be using the same datafeeds and chart software and getting different charts?
00NR7. What do you mean by spread? Can you please explain?
nice entry, nice timely exit. too bad didnt get some juice to run to the exntension. maye the gap and WRB at 9:30 used up alot of teh enregy.
Good points.
nr7 I have a 600 <$100WL by points and let them fight it out and bubble to the top or bottom. I haven figured out how to use it yet. How's that for being rediculious?!
wolverine: I still have Ameritrade but I do not use it for the most part. Ameritrade was doing exactly what you described about 2 months ago but since I only use it for backfill it was getting incorrect first candle data (which is a lot for me). So, I'm back to Prophet and I signed up for Marketfeed. I don't like MF as there as tons of price spikes and I never know what is real or not. After backfilling I always use IB as my quotesource since it's also my broker (figure they need to be on the same page).
anon: I'm talking about the high/low spread of the entry candle versus and larger spread if I used the low of a previous bar as a stop.
qqqball: yeah, I wish it did move the fib. ext., but I'm not sure I'd have the cojones to hold for that long :) I'm always skeptical when the fib. ext if so far away.
bl: that's a huge watchlist... do you only watch the top 20 or so by volume?
OO,
i think TD is accurate this time - on my chart, the entry bar has small even wicks from each side of the candle [High: 116.07 Low:115.75 Close 116.005], i checked it with bigcharts, and it gave the same results.
Ii would be nice to hear from readers who use other quote sources.
A
tradera: yeah, I just cleared the chart and backfilled with TD and the close on my entry bar is slightly off (2 cents below prophet's data). However, it's still an NR7 and I don't mind upper/lower tails with NR7 entries.
correction: different from IB which is what I use as my quote source during the day.
Thanks, OONR7. That's a good idea about switching to IB after backfilling. I used IB's data a few months ago when AMTD was flaking out. It didn't have the same accuracy problems, but the backfill was too damn slow. Your way gets the best of both worlds.
I had been considering trying DTN/IQfeed. I'd really appreciate hearing about people's experiences with them...
I subscribe to IQfeed about a year or so ago when I was having data issues. Frankly... they also had data issues. Sometimes there would be incorrect spikes in prices. For what they cost I didn't feel it was an upgrade in products. Since I'm a prophet.net subscriber I use their data and it's been correct for the most part lately. At least I can't blame any losses on it!!!! TD was also good but then I noticed a couple of blips a month ago or so.
These differences in data figures confuses the shit out of me. Shouldn't there be one 'data center' where all these feeds pull from??? Seems like all the brokers have their on set of rules for data feeds. I remember with Etrade a trade was triggered but my screen never showed price hitting the trigger. I called them and they said their internal data feed (or whatever they call it) showed price was triggered. However, price from their datafeed is not the same as the datafeed they provide for their clients. I really complained and told them out a couple of cents can mean the world to me but they just told me I need to read the fine print. That's when I left them.
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