ADSK was a fairly obvious C&H pattern with a low risk dummy entry. It did not extend the full 100%, however, it did rally quickly out of the base and was orderly and easy to manage.I've posted both the 5 and 15 min. views.
HANS was a choppier base which I entered long. After a slow start and a quick snap back, I thought it was going to fail so I scratched the trade. The end result was just a retest of the base leading into a momo move in my direction. Robbed myself of at least 3R.If we compare the two charts, we see that an orderly setup like ADSK is easier to manage than a choppier base like HANS. I like these C&H patterns to take off right away.
5 comments:
Nice examples as usual.
Do you constantly scroll/flip thru your watchlist repeatedly analyzing the current state? Or do you just set alerts for key things like proximity to Opening Range High?
Or do you just let trade-ideas bark nice messages for your watchlist?
As a newbie a few times I've missed really nice opportunities at the bottom of my watchlist (20 count) while I'm scrolling down thru stuff at the top.
Hi Jamie,
Do you scan your entire watchlist (the 40+ stocks you've previously mentioned in addition to the gappers) throughout the entire day such as ADSK? I think I would have totally missed that one. Thanks.
Gregh and Jonathan,
For watch list, I usually sort on % change and concentrate on the biggest movers on either end.
I also TI-continuous scanning the watchlist.
Plus I set esignal alerts for my focus list inside S/R levels.
For gappers I mainly focus on Briefing list and eliminate stocks that don't gap above/below previous day high/low.
C&H patterns are fairly easy to spot well before they BO.
Friday, missed all the moves in the morning because I was busy on the phone. Noticed lots of inside bars. In the afternoon, I missed the big move in BSC which came out of left field. In the morning it looked like it was setting up a short and then it went vertical to the upside.
Yes, I do scan and flip the list constantly during the day and that's why it's important for me to reduce the size of the list.
IMO, Friday is an exception, most days it is hard to find more than 3-5 really good setups from the WL.
Also, important to look at wide range view of 15 min. timeframe (several days) to measure price/volume in the context of recent range.
Jamie,
Nice RIMM and I also traded long 12/15" bo. 2/30" would have been nice. IMO, hans didn't have much op a gap with down grade plus had a great move previous day on an upgrade. ?? Some others with inside bars: crdc 4/15 8/30 pozn 3/30 star 5/30 athn 3/30 hnsn 4/30
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