It was a very choppy session and I noticed several failures and mediocre extensions. My first trade was the best in that it reached 100% Fib extension of the ORL to the base. The first chart of HANS is the 15 min. and you can see 2 IBs, the second of which is NR7 in price only (volume does not contract). That looks like a mini triangle on the 15 min., but on the 5 min. below we see a shallow retracement from the base and nice , low risk setup where all of the MAs converge.
Originally, I thought GRMN would set up a bearish flag on the retest of S2 (red dotted line) as price moved towards the down sloping 5 period EMA. But instead it continued to rally off of its V bottom. Eventually, it paused at the base of the high of 2/15 and I traded it like a C&H pattern. It was very slow to get going, and then after all that, it didn't extend the full 100%.Related Posts: NRIBs Revisited
Inside Bars
13 comments:
jamie,
Thanks for linking my blog. My URL has changed to:
http://www.ibankcoin.com/gunnersblog/
I've been surprised that HANS hasn't taken any part of the recent rally of the last week and a half. They've been a laggard for sure.
Gunners,
Thanks for the update.
HANS is a laggard and I won't be surprised to see it break support.
Check out ROST on the daily charts. Some very narrow range inside bars with volume contraction off of a very wide ranging bar. Not one I normally trade, but could do well if the bullish sentiment continues.
Thanks Rick,
$31.00 is a long-term pivot point for ROST - could be an explosive move when it breaks. MANT also has 2 IBs and trading near all time highs.
Jamie,
Would you have traded CELG reversal on break above 12.00ET 15min hammer bar?
Glen
Glen, I see a hammer at 1:00 ET. This is the first higher low on the 15 min. timeframe following the morning swing low. On the 1 min. chart I see a base at $60.30 (hammer high). Perfect entry point IMO.
What MA and EMA's do you use on a 5 min setup?
For 10 min I use 20, 50 and 200 SMA.
On the intraday timeframes I use the 5 and 20 EMA and 50 SMA. Sometimes I also use the 200 SMA.
I was under the assumption that you used different MA and EMAs for different time frames.
Thanks for the clarification.
Irvin
HANS might get crushed if it breaks below $37 tomorrow. Thoughts?
Gunners,
Agree, I did a post on HANS Monday night. If it breaks $37.00, we're looking at a prelim. target of $35.00. Nice move if we can get it all in one day.
Jamie, I see what you are saying. I thought the 12pm ET hammer was a good entry point as it sort of printed a tweezer bottom.
Glen
Glen,
A tweezer bottom with the second bar as a green hammer is very bullish, but my 12:00 bar is not a hammer because it has a long upper shadow so I would have been inclined to wait for confirmation.
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