Mar 2, 2009

Hitting a brick wall

This time... in a very good way. Every trade I took today was a variation of my 'brick wall' setup. 

Pretty straightforward retrace back to the 10-min ORL (which was also the :15 ORL). Shorted off a break of the 10:30 bar low and sold near the fib. ext. I didn't partial on this trade because my complete order was not filled and, instead, I just set stop order to BE on all my shares after 1R. Worked out just fine.

Using the :15 as my OR I saw a nice 'brick wall' setup with an offsetting bar on the 10:40 candle. Shorted at the low of that candle, partialed along the way and exited all my shares on a break of that mean ole hammer at 11:50.

This was different from my other setups and I used the 25% fib. level as an area of resistance (ala Trader X, but he uses it intraday). Shorted on a break of the 10:15 bar low as I wanted to see a good confirmation of the resistance. I was luck that my entry bar was just as narrow at the 10am setup bar. Took a nice ride, scaled out and exited completely just above the fib. ext.

These were some very satisfying trades. I'm sure most traders on my blogroll will probably have big days as there was some nice follow through. Felt like the good old days... or 9 months ago.


Anonymous said...

today's trades were no brainer as broader market kept selling off

Jamie said...

Excellent - Congrats OONR7!

TraderAm said...

Good Trading. Nice trend day.

OONR7 said...

thanks... feels good to have a Jaime and Traderam kind of day :)

anarco said...

Congrats 00nr7!!!