CNQ gapped up and held the daily pivot high from the last two sessions on a closing basis as it consolidated the gap sideways. It printed a series of higher lows. The fifth bar was NR7 and finally, it carved out a perfect green hammer which closed at the base of all those inside bars. I entered long and it started out perfectly then consolidated sideways again like a stair step pattern, before the next leg up. I took a partial at the 50% Fib. extension of the previous day low to the ORH. It extended 100% before retracing - Sweet!
I had high hopes for AAPL going into the session, but was not inspired by the early price action. I took a second look after Anarco mentioned it. Long on break of $130.00. Partial after 3 consecutive full green sticks. Stopped out on balance at $31.50.
ACOR and SIGM - two focus list names mentioned in the comments last night. ACOR was a H&S top on the daily. SIGM was a trendline breach followed by NRIB. I exited as price approached my target of $29.75 which is a long-term pivot point on the daily.
A really good day!
14 comments:
That's great that you did so well on such a choppy day! I caught SIGM on the break of the ORL also, it seemed pretty clear that it was going to retest the previous days lows. Do you make any adjustments on choppy days like we've had the past week? I think instead of aiming for 2 - 3R trades I should aim for 3 - 2R trades on days like today.
Jamie,
Nice work. A great call (yesterday) and trade in ACOR - perfect exit. Also SIGM from focus list. I missed these.
I caught AAPL for a sweet ride - 2nd 30' BO to 3 range expansion bars on 15'. I had to sit thru multiple retests of ORH, but it held on a 15' closing basis.
And, long EQIX from triangular consol BO at ORH - good afternoon move.
Rick,
I use Trade-Ideas scanner. I found CNQ from the scanner when it printed NR7. That's a little embassing since, CNQ is on my watch list. I should have seen the perfect setup from the daily last night, but I missed it. ACOR and SIGM were planned trades.
I had pre-selected 10 stocks from the pre-market scans this morning. To make a long story short, FLS and MF were on my list and I watched them for several hours and finally gave up or forget about them. Needless to say, I missed some big moves.
I would not limit the number of trades on any given day. However, the scanner is a great advantage when all of the usual suspects are just chopping around.
Jim,
Nice work too! That was a brave entry on AAPL. I think we were all starved for an AAPL long after all the selling.
Thanks Jamie. I have Trade-Ideas integrated in Scottrade (the one good thing about them). I haven't really found settings I like yet, but I can see how powerful the software is.
That CNQ trade is a beauty!
Cheers,
jamie:
great stuff.
how did you manage multiple trade entry at about the same time (10 ish)..once i enter a trade, i just watch it so at least to get some profit
another thing about trade ideas..in their NR7, do you use 2 or 3 counts. It also appears that this is preset by tradeideas at 15min interval..and majority of its prints are useless. Do you agree?
Thanks Anarco,
And thanks again for the tip re: AAPL!
Trade Ideas also put out a “15 minute narrow range buy bar” signal on CNQ during the second consolidation. I watched thru lunch time but decided not to take the trade because I was eating. Oh well...
I think the “15 minute narrow range buy bar” is a new setting in Trade Ideas. I’m getting a few timely signals each day from it...
The above comment was from me "pn".
Anon,
No problem taking multiple trades as long as stops are set instantly.
I only use the TI NR7 scan on my watch list, otherwise as you say, it would be useless. I don't specify the number of counts because the WL only has 50 stocks, so in any given 15 min. timeframe, I usually only get a handful of hits.
The other problem with the NR7 scan is it doesn't take volume into consideration, only price. Still it's better than nothing.
I'd like to have a scan that measures inside bars on declining volume.
PN,
I see that alert. It posted at 12:15 for CNQ.
All those new scans were submitted by Oliver Velez, formerly of Pristine.
"A narrow range buy bar is defined as follows: Three Green Bars (close above open) or more followed by a bar that is smaller (from high to low) than 25% of the average range of the past 5 bars. More options related to these alerts are listed below. Special thanks to Oliver Velez of Velez Capital Management for sharing this scan with us."
Jamie,
those Canadian oil stocks took off today: imo eca cnq su bexp tck. Do they move with greater % than the american stocks because of low dollar? Might be a nice screen. I have 50 Canadian WL stocks
BL,
They're moving cause Hilary and Barak want to renegotiate NAFTA and we have all the oil.:)
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