In pre-market, gold and oil were strong as market futures faded. ABX setup nicely at the daily PP. After the initial thrust, allow for a 38% Fibonacci retracement. Price dipped into the rising 5 period ema, carved out a red hammer, followed by a bullish green stick which led to the next wave. I took a partial at the daily gap fill level, but price didn't even pause. That was a 2.62 Fib. extension - sweet!
AMZN was a scratch, but I liked the fact that it held the ORL and then based along the blue line. I entered long on the third test of the blue line and for a while it looked good. I wasn't expecting a retest after such a long consolidation. After the retest, AMZN carved out a lower high and it was time to plan an exit.
5 comments:
Jamie,
Nice what a way to start the new year...wish I could say the same. GDX ran with it. Some things seem to be so obvious.
Jamie,
Did you scratch AMZN once it break the prior bar low or you waited for the close of the bar to confirm?
YR
YR,
Previous bar low.
sorry Jamie, you scratched on break of previous bar low. Is that right?
YR
YR,
Yes, that's right.
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