Feb 9, 2009

Ho Hum

Not a lot going on. Tried shorting WHR only to be stopped out completely. I think I bought very near the low of the day (break of 10:15 bar low, :05). I then went long FCX - you read that correctly - and made back all my losses plus some change.  Normally, I would be happy but when I looked at my chart I realized I drew my fib. lines from the PDL to very near the :30 bar high instead of the :15. So, when I entered on a break of the 10:35 bar high my price target was the fib. ext. at 31.28. I was able to get out completely at 31.25. 

A bit of luck never hurts. Although X recently blogged about using the :30 OR. I'm happy today is over but would really like to get back to solid trading days filled with opportunities.


Anonymous said...

i had the exact same trade on WHR. It reversed big time. LAst few days, my luck is just opposite of traderram. May i should ask him for some karma help.

bl said...

WHR: 3 red 15 bars at open can be a btm. Why not not keep an eye on it and go long at the 3/15" doji? GE BANR MEOH MTL CETV.

TraderAm said...


Weatherwise, karma not treating me too well at the moment..lol

Michael said...

I'm used to watch 3-min chart. I was watching WHR too, but when I see those big upper and lower shadows, I usually stay out. Despite huge morning volume, the stock wasn't able to fall, which could signal a reversal. I betted on the long side and bought at 10:54 3-min candle when clearing the small flag. I was not expecting such a run, but a tight stop made me out around 37.

Lesson learned: be aware of high volume morning with big shadows on candles and without big price drop!