Thursday's trade
Again... didn't really find much from a very reduced list. Fortunately, the one I did find produced. Went long AU off a break of the 5th bar high (10-min) which was an inside nr7/nr3 pullback play. Price rose quickly... almost too quickly and I didn't want to risk too much lost profit. After partialing, I sold all my shares 2 bars later. In hindsight, I think I made the right move as price chopped around after that.
Considering this was my first and only trade of the week I feel lucky to have earned some nice profit.
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AU was on my open WL 5/10 doji looks nice. Bot RIMM 80Jul calls 5.7(previous upgrade) put in sell at 6.8, kept sliding, reversed after Housing Report@10, sold at 5.85, 6.95 now! Oil Inv@11 rallied the oils. OIH calls WOW! Bot 120Jan10OIH calls. DMND upgrade nice 4/10 and 3,4/15 hammers
Hi OOnr7,
I can't seem to get the hang of this setup. What I see is 2 red bars, and a nr red bar. I would think its taking a small pause before it goes down. Any comments would be appreciated for understanding why it is a small pullback. thanks Hector
Hector: the first bar closed very strong and, of course, the stock gapped up. Two very bullish signs. From there I was looking for an orderly pullback to the 5ema with a NR bar as an entry point. For me, with a .12 risk, I really didn't see a reason NOT to get in.
This trade did have its risks. Mainly, the entry bar formed just below the midway point of the :30 OR. So the pullback was a little deeper than what I would like.
Hope that clears things up.
Thanks, I see your reasoning in this setup. I have been meaning to ask, how do you know its an nr7,nr3. I am not talking only about this chart but in general. There are some charts that where you can't tell if its an nr7 or nr3. Do you have an indicator that tells you that its an nr7, nr3?
Hector
hector: I used to have paintbars in QT but my charts just became too busy. After a while, they're pretty easy to spot. In today's trade, the NR3 was obvious and just a quick glance showed me it was an NR7 as well.
Excellent R returns. Congrats
did anyone catch MICC or SIGA?
campertrader
camper: I wish I caught MICC... similar type of setup as AU.
I missed it by seconds :(.
Would you have entered on the bar number 5 (15min)?
My entry would have been the 13th bar. I am more like a base&break trader.
campertrader
camper: first entry was the 5th and I would've entered off the 13th as well.
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