As I pointed out in the pre-market post, GME was gapping up on high volume due to earnings and guidance. The pre-market high was $48.00 and when it set up a B&B long, I used the PM high as my target because I knew this would at least be a resistance point. It came within 10 cents of the target and then pulled back so I exited the trade. Quite choppy which is typical for NYSE stocks.
My beloved JOYG didn't extend. The market started to pull back shortly after my entry and the trade was doomed so I exited before being stopped out.
As I pointed out in the pre-market post, GME was gapping up on high volume due to earnings and guidance. The pre-market high was $48.00 and when it set up a B&B long, I used the PM high as my target because I knew this would at least be a resistance point. It came within 10 cents of the target and then pulled back so I exited the trade. Quite choppy which is typical for NYSE stocks.
My beloved JOYG didn't extend. The market started to pull back shortly after my entry and the trade was doomed so I exited before being stopped out.
6 comments:
I missed B&B play in GME and entered on break of ORH with exit at 38.2 Fib (Trader-X setup).
Great job Eternum!
Jamie,
I too traded joyg but I enter of the break of the 4th bar and was obviously stopped out a few bars later. The forth bar was a nr and inside bar that touch the 5ema, did I miss something or is this one of those trade that just didn’t work. Appreciate your analysis.
Hey Andrew,
I was looking at JOYG at around the same time as you entered but I held out for a narrower bar. 55 cents is narrow in comparison to the previous bar but still quite wide.
Also the 3rd and 4th bars are stars with long shadows. In terms of candlesticks, they are not strong buy signals. I don't mind having a wide stop if I have a really bullish reversal trigger bar like a green hammer, but the stars and dojis have to be very narrow in order for me to commit money to the setup.
Also, the 5th (BO) bar was on declining volume. Sometimes you get a bad feeling after entering a trade that it might stall out. I sometimes try to scale out before being stopped out so that the eventual loss is not as painful.
Thx Jamie, much clearer now.
Jamie,
Saw your note on amgen afet it happened. Oh well 9/16 naz Briefing premkt reversed soon after the open. There has to be a way to play those reversals...looking at QQQQ. I miserably played JOYG using anticipated fib numbers that happened but didn't last for long. Carried overnight and that was going to be my focus stock. Of course if I shorted it I'd be in the green by a long a long shot.
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