HANS opened fairly flat and tried to move higher, carving out a long upper shadow and some dojis. The narrow red bar at the cusp of yesterday afternoon's consolidation zone, presented a low risk shorting opportunity. HANS easily took out support on the next bar, closing below its 50 MA which subsequently held as resistance. I took a partial as price approached the 200 MA and covered the balance as price came into its $39.00 PP.
AMZN was a short on a trend line break on the 5 minute timeframe. I covered my short when it carved out a tweezer bottom reversal on the 11:30 bar. I also went long but had to scratch the trade. Shortly after that AMZN made a higher low while the market continued lower. I went long again hoping for a retracement back to the morning swing high. I took a partial at the 38% Fibonacci retracement from yesterday's high to the morning low. Unfortunately, AMZN reversed after tagging the 38% level and I spent most of the rest of the afternoon waiting to be stopped out. My stop held by a penny and I closed my position on a small rally end of day. The 38% retracement level lines up with the ORH and maybe that is why it was more significant than I anticipated. I was surprised to see how quickly the stock reversed after the 38% tag.
HANS opened fairly flat and tried to move higher, carving out a long upper shadow and some dojis. The narrow red bar at the cusp of yesterday afternoon's consolidation zone, presented a low risk shorting opportunity. HANS easily took out support on the next bar, closing below its 50 MA which subsequently held as resistance. I took a partial as price approached the 200 MA and covered the balance as price came into its $39.00 PP.
AMZN was a short on a trend line break on the 5 minute timeframe. I covered my short when it carved out a tweezer bottom reversal on the 11:30 bar. I also went long but had to scratch the trade. Shortly after that AMZN made a higher low while the market continued lower. I went long again hoping for a retracement back to the morning swing high. I took a partial at the 38% Fibonacci retracement from yesterday's high to the morning low. Unfortunately, AMZN reversed after tagging the 38% level and I spent most of the rest of the afternoon waiting to be stopped out. My stop held by a penny and I closed my position on a small rally end of day. The 38% retracement level lines up with the ORH and maybe that is why it was more significant than I anticipated. I was surprised to see how quickly the stock reversed after the 38% tag.
4 comments:
all I can do i bow down to you. Amazing, I would never have seen the HANS pattern if you showed it to me a 1000 times.
Thanks Flatwallet,
Something new I'm trying instead of waiting for price to take out the ORL.
Jamie,
It's fascinating to see you consistently find those wonderful setup and executed the trades perfectly day after day. Do you have any sort of plan to start a private fund or provide trading signal service (like systems in collective2.com)? Thanks,
zbs
Thanks ZBS,
The AMZN trade was less than perfect. Two mistakes, one of the first entry and overshooting the secondary target.
I don't actually have a system. I'm using various setups with reasonable chance for good risk:reward ratio. But thanks for the thought.
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