DISH
gapped up and retraced back to R1, where it formed a shallow rounded base on low volume. The perfect entry is a break of the 6
th bar high. However, I was away due to personal business and missed it. I was back at my trading desk at 11:00 and was able to catch the second wave after DISH carved out 2 inside bars on declining volume.
FSLR didn't really gap open much, but it was on the focus list and delivered a
momo move after recovering from early weakness. It paused between R1 and R2 and carved out 3 inside bars on declining volume. This created a coiled spring effect and the move off of the 3rd inside - NR7 bar was quick and reached the target in a matter of minutes.
DISH gapped up and retraced back to R1, where it formed a shallow rounded base on low volume. The perfect entry is a break of the 6th bar high. However, I was away due to personal business and missed it. I was back at my trading desk at 11:00 and was able to catch the second wave after DISH carved out 2 inside bars on declining volume.
FSLR didn't really gap open much, but it was on the focus list and delivered a momo move after recovering from early weakness. It paused between R1 and R2 and carved out 3 inside bars on declining volume. This created a coiled spring effect and the move off of the 3rd inside - NR7 bar was quick and reached the target in a matter of minutes.
14 comments:
wow... you've got those inside bar trades down pat. Great job.
Thanks 00NR7.
The inside bars are a good way to catch a stock that's already in motion.
Traded SLM this morning and it was a good example of some elephant playing games. On a 1 min chart you can see somebody runs the price up and catches a bunch of buy stops. Then in the next 3 minutes he unloads. I like Alan Farley's analogy that retail traders are like fleas on an elephant back. When the elephant shakes most fleas fall off as I did :-) I did manage .4R for my trouble.
The overall pattern is strong. Other than today, have you ever enter Long with the red doji IB with decreased volume?
GT,
Elephants - That's why I hate trading NYSE stocks. Traded AKS in last hour on a C&H BO - price ran up to 25% extension and fell back down.
Jerry,
Not sure. This is a fairly new pattern for me, so I will say no.
Hi Jamie,
AMLN on your focus list broke out, but failed. Any idea why it failed? Thanks
Jon
Jon,
Not sure exactly why, but I noticed that a lot of stocks rallied up to R2 as did AMLN, and then reversed and went south. This is consistent with market tops. We may be in the midst of forming a double top on the NASDAQ, so we have to keep our positions on a short leash, so as not to let winners turn into losers or scratches.
AKAM offered a nice low volume consolidation with an IB entry around noon:30 on its way to new daily lows. Another good example of using an IB for (short) entry into a mover.
With all of these stars, I keep playing the short side. So far the QQQQ has held together.
Jim,
I regret having missed that entry on AKAM. Agree - the inside bars on declining vol. work perfectly as a pause in a continuation pattern.
Market does fell like it's topping out here and should be more shorting opps soon.
Jamie,
Nice work with DISH. On Briefing too. What a source! Also have a big cap solar layout and boy do they follow eachother up and down!
spwr fslr ldk tsl jaso wfr
Thanks Jamie. Yeah you're right, the last few days kinda feel slow.
Can you take a look at DRYS? Nice consolidation at $88 before moving up after in the afternoon. Where would you have entered? Break of $88.31?
Jon
Jon,
Yes, break of morning swing high. Also CROX had a nice cup & handle pattern - break of ORH in the last hour. Some of these momo stocks just keep giving and giving.
BL,
The solars on my WL weak EOD and look to be setting up for a correction. FSLR, JASO, SPWR
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