BHP was a Briefing
gapper. It carved out a bearish flag-like pattern. It wasn't really obvious from the volume that this was a flag. I usually like to see a clearer sign of declining volume. However, the 5 minute time frame (below) was clear in its rejection of price at the declining 20
ema and I decided to take the trade. I took a partial after 3 consecutive
WRBs and was stopped out when price reversed after carving out a hammer.
OXY set up out a low risk entry at the base of yesterday's high. Once in the trade I wasn't really feeling any momentum and decided to play a textbook
Trader-X exit at the 38% Fib. extension of the previous day low to the
ORH.
BHP was a Briefing gapper. It carved out a bearish flag-like pattern. It wasn't really obvious from the volume that this was a flag. I usually like to see a clearer sign of declining volume. However, the 5 minute time frame (below) was clear in its rejection of price at the declining 20 ema and I decided to take the trade. I took a partial after 3 consecutive WRBs and was stopped out when price reversed after carving out a hammer.
OXY set up out a low risk entry at the base of yesterday's high. Once in the trade I wasn't really feeling any momentum and decided to play a textbook Trader-X exit at the 38% Fib. extension of the previous day low to the ORH.
2 comments:
Hey Jamie,
Much tougher to find good setups today. I took one trade - short BRCM. It was very symmetric on 15m chart - 3 bars down, 3 bars of consol into 5ema, 3 bars down. Even though the broad market was weak, you could feel that nothing was really running. Gotta take what is available.
Jim,
It almost felt like OPEX with few good setups outside of the first and last hour of the day.
Ended up scalping some momentum plays off of the TI scanner late in the day. HUM and WLL.
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