May 19, 2008

No trades

Nothing really of interest for me today.


Anonymous said...

amzn dude!

trader a said...

What u think about SOLF 15 - 11:45 bar or 12:30 bar entry?

OONR7 said...

trader a: first off, I discarded SOLF from my watchlist as it has gapped up on multiple days already. My feeling is that it might be exhausted already. I like the 'fresh' gaps.

As for the entries you mentioned. The 11:45 bar closed very strong with no upper tail and was right on the 5ema and above the ORH and R2. So... there was a lot of reasons to enter. The reason that would prevent me from entering is the high/low spread which was .41. I always compare the high/low spread in relation to the closing price. In this case, the spread was > 1.5% of the closing price. I like entries much below 1% (it's pretty easy to calculate just be looking at the chart). Same issue with the 12:30 bar (but this one had a bit of an upper tail). If SOLF was on my watchlist... I probably would've taken an entry on a break of the 12:45 bar with was an NR7. Now, with NR7s... I ignore the whole 'below 1%' rule as it's already the narrowest of the last 7 candles. I would've most certainly exited off a break of the 1:30 low (at least partial) since that candle appeared after a 4 bar run-up.

Would've, could've, should've... if you took that trade you more than likely made more money than I did yesterday. Congrats.