I missed the morning session so I stuck with low risk NR7 (POT) and inside bars (DRYS) to trigger a couple of short entries. My DRYS entry was a little late (under $97.00). POT was a little tricky on the exit as it took out R2 easily but then started to consolidate so I took a partial and moved my stop above the previous bar high. The DRYS exit was easier because price bounced after taking out R2, plus I had 3 WRBs.
11 comments:
These are the type of setup I love. But it will take me time to master.
Wonderful arts you made it to be.
jamie:
would you have taken a long position at the 10th NR inside bar on DRYS (that would fail)
if not why not?thx
Thanks Jerry.
Gurlate,
No, I always buy at least 2 ticks above the inside bar, and in this case it would not have triggered as the next bar high was the same is the inside bar.
Secondly, intraday resistance late yesterday and this morning for DRYS was just above %99.00. So I wouldn't attempt a long on DRYS unless it took out $99.00.
jamie:
you are not using tick charts , are you?
Gurlate,
No, I guess I used the wrong terminology. What I mean by tick is spread. If no spread, I place a buy order 2 cents above inside bar. If the spread is 2 cents, then I place buy order 4 cents above inside bar.
Jaime,
BWLD had a few NR bars on the daily and breakout nicely today. How would you have position your entry? Likewise for ILMN?
NILE made a nice base during lunch time on Tue, but I'm still not too sure how to approach it for entry. Need some help here.
Btw, other than day trades, do you take any swing trades at all? NILE looks like a good candidate for swing with bull flag and hammer on daily formed on Tue.
Thanks, Pete
Pete,
BWLD did not show up on my scan, but 2 NR inside bars on declining vol. at 10:45 is a perfect.
ILMN - break of most recent daily pivot high at $53.45.
NILE looks like a failed bull flag at the moment. Price should have closed above yesterday's green hammer today. I wouldn't be surprised if it pulls back to $90.00.
Yes, I do swing, but mostly Canadian stocks, all cash now. Most recent swings long were RIMM and ABX
Jamie,
Alot of 5ema nudges then blast off/down on the Briefing List 12 naz over $18:pnra
cien efut wynn cree chnr. Thanks for the posted List.
Totally missed NVDA on the Briefing List: what a TraderX set up 15& 30 min break. Could have shorted MU at the open, taken a nap and wake up with a nice profit.
jamie: I've started specifically looking for inside NR7 bars that form on at least half (or more) of the volume of the previous bar and at key intraday fib. levels. I find this type of bar to be explosive. EFUT, 15-min, 11:15 bar is a great example. They don't have to be NR7s and half the volume, but the should be on significantly decreased volume, NR and definitely an inside bar.
OONR7,
I think it's possible to make a living by just trading NR7 and NR inside bars - very powerful strategy.
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