SWIR showed up on my daily scan for 2 IBs (see daily chart below).This morning it gapped up with a strong opening range. The gap consolidated sideways with a series of NRBs. I entered long as the rising 5 period ema and price were coming close together and down ticks had been replaced by upticks. I took a partial after 3 WRBs at the 38% Fib. extension of the previous day low to the ORH, Trader-X style. Stopped out on the balance shortly after.
DRYS from the WL, gapped up and carved out a low risk B&B at $69.00 on the lower timeframe (3 min.). Since I was anticipating the markets to fade at anytime, I ended up shooting myself in the foot by exiting the entire position as it retraced to the ORH, leaving way too much profit on the table.
6 comments:
jamie:
did you do IB daily scan thru tradeideas website?
Also, you said upticks more that downticks, are you watchinh tick chart as well. i been trading w/ regular 5/15 min chart, is there any advantage w/ tick charts?
thx
rick
Rick,
I do daily scans using stockcharts.com
Uptick might be a poor choice of words. I was expecting price to bottom out around $17.80, but it found a bottom at $17.82 and then started moving up. I usually watch the level II screens for NASDAQ stocks to get a good feel for upticks. With lower priced stocks, pennies count, so I had to get in before it ran away.
I did the same thing with my WM trade. I strangled it with a tight stop because I was expecting the reversal at the upper trend line that we saw the last two days. 6R trade turned in to 1R trade. But my afternoon short went according to plan.
Me too. On DRYS I was anticipating instead of reacting.
Hey Jamie,
Can you please indicate what made you think that the gap will be faded this morning ?
Sorry i dont post much becoz i subscribed to your blog in ShrooK..rss reader...anyways i hope life is good ...
Hey Vivek,
I thought the markets were overdone given the run up off the lows and the weak jobs data from Friday. So I expected that they would retest Friday's highs and fade. That's exactly what happened on the NAZ, but the S&P blew past Friday's highs on higher energy and commodities. Could see weakness tomorrow based on how we finished.
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