PAYX tested support in the early going and carved out a bullish doji morning star reversal pattern. I took a partial as price approached yesterday's midday swing high and exited the balance into the close.
NTRI - Break of ORH. I was stopped out but re-entered after it printed a hammer reversal bar at the 38% Fib. retracement of the ORL to the swing high.
CFC was on my watch list from last night. I shorted the PP as planned. It started out perfectly, closing near the low of the BO bar, but stalled so I moved my stop textbook style and was stopped out. The only caveat entering this short was the gap up which caused it to lead into the trade with two fairly WRBs. I would have prefered no gap and three WRBs after the break.
14 comments:
Did you trade the SAFM cup and handle ? Also AKAM came close to setting up at the trendline as per your comments.
I am solely trading Trader X type gapper plays for now but monitoring PP plays during the day with alerts set the night before.
I seems things happen a lot quicker with PP plays and one needs to be very nimble. With gap plays after entry I look at it every 15min or so. Do you open multiple positions when you are in a PP play or do you concentrate on one at a time ?
There is a trading style for each personality and I find PP plays more volatile. Maybe it is just lack of experience with them.
NTRI was and still my favor stock, but it never given me the time and date. I traded BIG instead.
Said, I have trouble with my blog on creating Previous Posts. It only allowed me to create Achieves by month. How did you add it?
GT,
AKAM and SAFM no, but AFFX short off of NRB - was stopped out for a small gain.
Will get back to you on the rest as I have to run out right now.
I was monitoring AFFX, hypothetical entry break of 8th 15min bar.
I caught CFC as well. Thanks for the PP mention last night. It got me focused enough on it to where I took a second try after I lost on my first entry (stupid tail on the first bar!)
great trades and very appropriate post. I really like how you spot candlestick patterns... I found a nice web page detailing some interesting bearish and bullish reversal patterns (it's on my blog if you're interested). I'm a big Steve Nison fan and it seems like I've gotten away from identifying patterns (especially for exits). Need to incorporate more.
GT,
I am a big fan of Trader-X gap style trading, however, lately I'm finding many of these setups don't extend. Today and a few days last week were exceptions.
PP plays off of the open do take off quickly. I like them because they are vertical and I can make money very quickly. However, you basically have to be ready to trade it off of a 1 min. timeframe, otherwise you will miss the move.
I use price alerts in Esignal and the Trade_Ideas scanner to monitor the price action of my watch list intra day and don't mind trading more than one setup at a time. But sometimes, like this afternoon, I get overwhelmed and miss most of the moves.
B&B, chart patterns, and candlesticks are the easiest to trade. PP the hardest and gaps somewhere in between.
Jerry,
If your favorite stock won't give you the time of day, I suggest, you either dump it and find a new one, or keep it on a very short leash.
Blogger setting - Archiving tab - Enable Post pages - say yes.
GT,
AFFX - B&B break of ORL by 2 ticks, entry triggered on 13th bar.
Welcome Prospectus.
Thanks OONR7,
I love trading off of candlestick reversal patterns especially when they fit the dummy risk criteria.
Good candlestick reference page. I will add it my favorites.
Jamie,
Also noticed that Trader X style long gap plays don't hit the fib ext and might be indication of a tired market. Have been observing the min gap/no gap and then momo like today: spwr mcrs cost adobe jaso ntri... they have gas to move up. Biib the other day.
Thanks,
Hi Jamie,
Just wondering if you considered exiting just before 1pm on PAYX with 3 bars having upper tails near downward overhead resistance (green line)? How did you managed the stops in this play?
Thank you
Warren
Warren,
I do expect price to consolidate before taking out the MAs. PAYX did consolidate at each line 20 (blue), 50 (green) , and 200 (red). I watch closely at that point. Always ready to book profits if I see volume pick on red candles.
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