Jul 1, 2009

Wednesday's trades

I feel like I put in a good day's work. Things started off with a questionable entry in GIS off a break of the 10:15 bar high (:05). When I entered, the candle was more hammer-like as opposed to what you see on the chart (I had to clear the chart later in the day and the backfilled info was a little different). In any case, it was a questionable entry because it did have a bit of an upper tail and I prefer my first bar to be more convincing. I actually stopped myself out of the trade a few bars later as price closed below the 5ema. More on GIS in just a bit.

I then entered SNX long off a break of the 10:45 bar high (:05). I really liked the entry and things looked good at first. But price came back down and went sideways eventually closing below the 5ema. So, I stopped myself out for a small gain. My original stop - for both SNX and GIS - was never hit. SNX would've been a nice gainer (I missed an opportunity to enter later).

Back to GIS. Further on in the day, price moved above the OR (notice the nicer looking first bar on the :10) and then pulled back to print a nice hammer and I entered again off a break of the 12:20 bar high. Price came pretty close to the fib. ext. and - as it was getting close to the end of the day - I decided to exit about .20 below my target. This worked out well as price dropped at the very end.


bl said...

Both were eps plays premkt btw. Good come back with GIS. Didn't have my act together. INTC was upgraded and semi's took off without me sad to say. Nice chart, options too. If I set up Premkt charts aim is to catch those big opening moves like GIS SNX SNDA. If Open scan then latter entries. Some nice $5-12 stocks moves

anarco said...

Nice trading day!
I was wondering if the 10:55am bar (5min) in the AEM chart is a valid entry for your trading style.

OONR7 said...

hey anarco... thanks. As for AEM, I would not have entered on a break of the 10:55 bar high. Mainly because there were a few bars prior to that point that closed below the 5ema and the entry bar had an upper tail and also closed below the 5ema.
Of course, AEM traded with yesterday's range so it wouldn't have made it to my WL... and I would prefer the first bar to be a bit wider (not always the case but I like seeing higher lows).