Jan 26, 2009

Hitting a brick wall

Two trades. Stopped out on both. Entered DUG short off a break of the 10:45 bar low (:15, brick wall setup) and was stopped out. Also tried PNC long off a break of the 10:20 bar high (:05, brick wall again) and nothing. 


Anonymous said...

brickwall trade: DE & CAT. Both yields 2R.

F-U trade: FCX. did not carry thru but enough to yield 1R.

Hangingout: USO. Broke that rising trend at ~34 and fell from the traingle down

Thank you very much

Tom T. said...

I missed PFE

It gapped down - printed an IB then price retraced to approximately tail of OR, consolidated before its downward turn. I am finding a few of these where the gap downs end up basing at OR low instead of OR close and then if you wait for 5 ema to cross the base - along with a good NR& or IB you have a good entry.

bl said...

why not short PFE who's buying WYE for $68? What shareholder wants billions of debt, esp now. Why not CAT along with de cnh bucy joyg lnn aste cmi mtw machinery confirms. Mkt reversed dn at 10:30. Get on on it. Happy trading.

bl said...

I also think this is a fast market: You seem to be getting in just as the market reverses. So either go for the first opening gaps or go with the reversals. Really means a watchlist or news stories, earnings, etc.

OONR7 said...

anon: looks like you've adapted the setups to your own style. Congrats.

tom: I definitely wanted to trade PFE but couldn't find an entry the fit in my plan.