TBSI gapped up on the open and held the previous day high on a closing basis. The 2nd bar was a NRIB and the setup looked great on the 5 min. time frame below. Partial after 3 WRBs. Exit balance after lower high.
ICE was a gem from the High Chart Patterns newsletter last night. This is a 1 minute chart and I entered when price took out R2.
HANS was a failed C&H pattern. I had an idea this would fail because of the lunch hour and it was too slow.
Thanks to Anarco who sent me a screen shot of what he was looking at today. CSIQ was gravy late in the session with this C&H pattern.
9 comments:
Nice work. ICE was also a UBS Conviction Buy premkt which juiced it. Helps to get an upgrade on a biggy stock somtimes.
Nice Blog
http://nseonlinetrading.blogspot.com/
Jamie, the TBSI trade didn't look close enough to 5EMA on 15min IMO, but indeed looks good on 5min.
With the AMBAC news and all, does that make you more cautious about entering trades since market will make wild moves anytime the news is out? Thanks
YR
YR,
I agree TBSI was far away from 5 ema on 15 min., but the 5 min. was too compelling to pass.
AMBAC and the FED have made for a lot of intraday swings. I'm keeping a closer watch on Briefing.com but I have been getting stopped out more than usual.
BL,
UBS really did juice it. It opened strong and just kept going. However, EOD we have a doji, so the momentum was short lived.
You continue to amaze me during these choppy conditions. I was actually thinking about scalping today since we've been getting these quick surges without follow through.
Jamie,
What are your usual stop and exit parameters with a C&H pattern?
Anon,
My stop on a C&H is a few pennies below the previous bar low (previous to entry bar) usually on 15 min. time frame. My exit parameters are 100% Fib. extension from the low of the cup to the base. That said, if it's a choppy ride, I might decide to get out early like I did on CSIQ. I don't move my initial stop until after the retest of the base.
Rick,
I usually favor smaller sizing under these types of conditions especially if something sets up during the midday doldrums.
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