Sep 11, 2008

INFY - Short

A so-so day for me. Shorted PCAR (7th bar low) and was stopped out after scaling out a bit. Then entered CSX long (11:15 bar high), scaled out at 1R and exited the rest at breakeven. Missed an entry later on off a break of the 1:30 bar high. INFY helped keep me with decent profit today. Actually wanted to short off a break of the 6th bar low but price started rising on the 7th. Ended up entering on a break of the 12:30 bar low which was more narrow. Scaled out at 1R and exited the rest just above the fib. ext. I had a buy-limit order at 37.20 and forgot to cancel after I exited so that flub cost me a few bucks (that's why you'll notice two additional orders). I've had a nice 3 days and feel like I'm getting into a groove again. Using the :15 chart in conjunction with the 3-min chart has really helped me spot trades I wouldn't have been comfortable entering before.


TraderAm said...

Good trading.

Meant to ask you yesterday after your PNC trade. Are you using 3mins combined with 15mins on all your trades ? Or do you still trade on the 15min without 3min confirmation.


Anonymous said...


Wanted to find out why you are combining the 3 minutes chart with the 15? How exactly does it help you to smooth out the data.



OONR7 said...

traderam: yes, I'm looking at both charts at the same time. What I want to see is strong 5ema support/resistance off the :15 and 20ema support/resistance off the 3-min chart.

elad: I find that Ema support across multiple timeframes very helpful. I see it as a little check and balance routine for me. For instance, yesterday I was look to short COF off a break of the 4th bar low. When I looked at the 3-min chart I saw that the 20ema wasn't really show a strong area of resistance and price was easily breaking through and closing above it. Made me hold off on the trade which proved to be the right call.
Take a look at my INFY entry and look at the :15 and :03 charts to see what I mean. the 20ema was proving to be strong resistance at the time of entry.