May 21, 2008

More of the same

Took NOV on a break of the 11am candle high (:15) which was an NR7. Ended up partialing at the ORH and selling the rest at breakeven. Had I kept my original stop I more than likely would've exited with a nice gain. That's been my problem as of late. Trying to follow a decent exit plan is leading to leaving a lot of money on the table.
I also missed a good entry on the 5-min chart (12:40 bar) which would have really made my day. I may be wrong, but the 5-min chart had a nice cup and handle look to it. Maybe Jamie will read this and comment.

Anyways... Wednesdays are always a bitch for me because my kids only go to school for half a day (French thing when they're young) and it's just a huge distraction when I'm trying to trade. Wednesdays always makes me want to move back to the States so I can enjoy normal trading hours.


PDT said...

What was your stop on NOV? The opposite side of your trigger bar?

Im guessing you would like the 11:15 and 11:30 bars as an entry as well, correct?

The 5 min chart does resemble a C&H pattern with the picture perfect tweezer top at the point where the cup meets the handle, as well as nice low volume on the handle formation. Too bad it did not reach anywhere close to the usual 100% fib extension one would expect.

tradera said...


OONR7 said...

pdt: yes, stop was on the opposite side of the candle. I am grateful for the 11:15 and 11:30 bars as they were both nr7s and lead to a nice move up. Only wish it would've carried through a bit or take that huge retrace back.

PDT said...

tradera I am assuming you are referring to the 12:30 inside NR7 bar right below the ORL. Sweet setup, too bad I rarely look at the 30 min charts.

Where did you find this stock?

Trader M.D. said...

FWIW, I see 2 C&Hs on NOV.

If you look at the 1 minute chart theres a C&H from 12:10 PM & breaks out @ 12:46. I also see the C&H you pointed out on the 5 minute chart from 10:00 AM to the 12:50 PM break out.

OONR7 said...

tradermd: I see the 1-min C&H as well. Let me ask you... are you looking at the ORH as the breakout area for all cup and handle setups?

Trader M.D. said...

Not necessarily.

Aside from ORH & ORL, I've noticed that C&Hs work particularly well when they setup next to whole numbers.

Jamie could probably comment more on that.

Another key factor I've noticed is that the base of the handle should have some degree of volume consolidation. Then you look for volume expansion as the cup breaks out. The better the volume expansion, the more confidence you can have with it reaching the 200% fib extension.

And as with any setup, sector strength/weakness & market strength/weakness always help.

wolverine said...

I caught UAUA on 30' too. I think it was from Prophet scan. Passed on NOV, thought it looked spent after that wide first bar.

Jamie said...

Yeah, I see a C&H 5 min. base at $86.00 and I also see a base within a base at $85.50 12:40 (also 5 min.) NRIB, NR7 doji trigger bar.

My DRYS C&H didn't expand fully either.

bl said...

overseas oils gapped up over night: rds/a tot e snp ceo bp ptr pbr and many oils/coals rallied up: fti atpg teso nov mxc uso nfg trma drq jrcc pcz. Something to look at if trading energy/commodities.