Friday's trade
Not much to look at on my WL. I did take a long entry in WBS (10:15 bar high, :05) that went south. ACN looked interesting after the 12:15 bar high (:10) but it was a bit too close to the :30 ORH and I was already in the hole for the day.
Posts
4 comments:
WBS a crappy looking chart. Why not palm bwen
bl: you think palm was a good looking chart??? It ended well but certainly didn't look good from the start.
BWEN was very nice and I would've traded it off the 10:20 bar high (:05) but it didn't get on my WL.
WBS too much tail 7/5". 4/5" better entry w/hammer. 4/10" bearish shooting star. PALM: 3/15" 7/15" 4/10" all with fibs
bl: my question to you was whether you thought palm was a better looking chart. You can point out the upper tails in WBS and I can point out how price stayed at or near the 50% intraday fib. level with a very strong first bar. I think you're doing a bit too much 'hindsight' trading with PALM. On the :05 and :10 charts the first bar is a spinning stop to the downside followed by upper tails with price ultimately falling below the ORL. Not a stock I feel is strong to go long. There is absolutely no valid entry point with PALM and I guarantee that type of chart will fail more than it moves. But it's easy when you 'hindsight' trade.
WBS failed, sure. But the :05 chart was not a crappy chart.
Post a Comment