From the watch list, SIGM broke $49.50 on the open. This was the area where price was basing most of the day yesterday. After a false start, price retraced back to the base on low volume and set up a bullish shallow rounded B&B pattern. Price easily took out R1 and R2 and continued higher until midday. I closed my position on confirmation of a hanging man. Price retraced back to the upward sloping 20 ema and setup a late day scalp as price took out the high of a hammer-like reversal bar.Slow, choppy day for the markets with very few good trading opps.
10 comments:
Jamie,
The long upper tail of the 1st bar is somewhat frightening. Do you ignore it because its a 1st bar where action can be abit wild?
Jon
Jon,
The first bar is an inverted hammer which, if confirmed, is considered bullish. I was hoping the second bar would be inside and close above the body of the first bar to confirm, but it didn't so I had to wait for some indication that price did in fact, want to move higher. The fourth bar closed above the base by 2 cents, so I took a chance. If you look at the 5 minute timeframe, you'll see two NR inside bars, just before price broke out. That was a very low risk entry that I couldn't resist.
Jamie,
Nice on the WL. Your Briefing mostly naz had some nice charts:5/15/30: hans(reversed up on a downgrad-amazing) 15/30: ntri ldk 15: rimm. I lost it with ntri: lost my focus went long on the open on an experiment and fought my way back but not worth it. Had I waited for bo of 2/15 IB or 5/30 I would have done well and short further on -14/15 -8/15
Thanks Jamie, now I understand.
Jon
I see that the 1st set of NR inside bar make a higher high. So I can ignore the long upper shadows.
However, the 2nd set of NR inside consist of 2 higher lows and the upper tail seem like it will reverse.
What make you enter additional shares? Was it U base at 5 min chart that didn't close below your Test 10MA?
Also, would you have traded short NTRI at 13:30 INB?
Thanks.
BL,
HANS was very momo and I'm sorry I didn't jump in on one of the NR inside bars - I think there were at least 2 opps during the day on the 15 min.
This morning's briefing gapper list was way too long. I found myself just looking at the more familiar names. Early weakness was a head fake overall and that's when I decided to focus on the WL.
Tomorrow, I'm looking at FSLR as it seems to be heading back up to retest recent highs. Maybe NVDA which I traded today on a NR inside bar. It almost carved out a perfect green hammer on the day except for that little bit of weakness into the close.
When you have time, can you kind do post on head fake?
Thanks again.
Jerry,
Just following the NRIB strategy. If a stock is in a clear uptrend, NRIB on declining vol. are buying opps. I didn't mean to imply that I added additional shares on both of those. Although I did on the first set.
The 1:30 NTRI bar is NR7 and it confirms the hanging doji man and closes below the 62% retracement level, so it seems like a solid trigger bar. But I wouldn't trade it because the downsloping 20 EMA is way too far for me.
Jerry,
Fibs and Head fakes on my To Do List.
Jamie,
10-4 on the long list. One day last week there were 45! I've been going 90% with naz and >$20 and that usually ends up with 12 or less. Today was 12 and added 2 and boil it down to 4 and watch. Home Bldg stocks reversed from the gap up and tanked bad. "Easy" work!
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