The first chart is the daily for GRMN. Key support at $55.00 was tested in early trade. We had a wide opening range and I was waiting for a tradable NRIB, but things were disorganized and choppy so I passed.As we can see from the 15 min. time frame, GRMN eventually broke down and carved out a tweezer bottom reversal at S2 (red dotted line). This led to an orderly Fib. retracement of 38% from the ORH to the midday swing low, and a retest of the BO point.
Former support at $55.00 now acted as resistance and we had a perfect opportunity to get short with an orderly setup.On the 5 minute time frame below, GRMN carved out a bearish evening star and I shorted on the next bar, using the doji high as my initial stop. I took a partial on the retest of S2 and covered the balance when price approached $53.00.
After taking out $53.00, price capitulated on a huge volume spike and GRMN printed yet another tweezer bottom, which set up another retracement, so I went long at $53.02 and stayed with it until $54.00.
The rest of my day was frustrating due to scratches and stop outs, but GRMN more than made up for it. Here's an example of one of my frustrating trades:
4 comments:
I look forward to your posts everyday.
When you shorted the doji evening star did you use a the doji bottom for a stop sell or did you just get in at market.
Forget above comment, it was clearly shown in the chart that you bought the break of the 3rd bar comprising the evening.
Jamie. How many trades do you think you average per day?
Oddly enough, I seem to take more trades on days like today, despite the lack of good opportunities. But on average 3-5 trades.
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