Friday, April 20, 2007

Dummy Trade of the Day - Abercrombie & Fitch Co. (Public, NYSE:ANF)

The whole market gapped up this morning so I fine tuned my gapper scan to stocks over $50.00 in order to make the list more manageable. This is classic Trader-X style - break of ORH preceded by a strong bullish candle which closes on its high supported closely by the rising 5 period EMA. It did not quite reach the 38% Fibonacci level, but only because time ran out.

2 comments:

Prospectus said...

Good job!

Sorry I dropped off the planet lately. I've had a very busy last couple of days, but I'm still trying to work on the NR7 scan.

I did take a short trade in CAL, though. It made a bearish engulfing drop on the daily on 4/19. I entered at $41.69 on and added later in the day at $41.07. I'm still in, and my initial target is about $37. Any thoughts about my target?

Jamie said...

Propectus,

Once in a while, I feel like dropping off of the planet too :)

I look forward to seeing the outcome of the NR7 scan, but no pressure.

Congrats on the CAL trade. Today's low marked the 62% retracement of the last leg up from the April 2nd low to Thursday's high. I see some pivot point support at $38.00 on the 60 minute timeframe and there is bullish gap support beginning at $37.15 and closing at $36.05. Nothing wrong with taking a partial if price stalls at any of these levels.