I missed the open and a good part of the morning. The markets were bottoming by the time I got to my desk, but it was difficult to assess how much we might retrace. No point looking for shorts after the sell-off, so I concentrated on B&B longs.JRCC set up a dummy long B&B off of an IB. After the initial thrust out of the base, it printed an ominous looking red stick with long upper shadow, so I decided to take half off in case of a failure. The initial stop held and JRCC eventually rallied up to the 50% Fib extension of the ORL to the base. I exited on the first sign of weakness.
Strength in steel led me to SCHN and X. After gapping up, SCHN carved out a 3 pivot point base and a low risk entry. Again, I don't want to stay in these positions too long and give it all back, so I'm adjusting my expectations in the weaker market environment and the OPEX chop.
X set up an entry at the blue line which I had drawn in a few days back. After retesting the entry point, it moved with vertical speed, all the way back up to yesterday's high.
3 comments:
You definitely have to take what you can get these days and not be too greedy.I learned that the hard way on DISH.
This is referring to 6/18.
Can you take a look at DISH and possibly tell me how you would have played it. I shorted around 12:30ish when it finally broke down at $31.00 which it had tested a few times. My trigger was the 12:30 bar on the 5min timeframe. The 3min timeframe offered very nice IB's right above and below $31.00 which would have been a lot nicer. How would you have exited/managed this trade as I saw no signs of a reversal until it was too late.
Was there enough room for this stock to run as there was some daily support at the $31.00 and $31.50 level.
Thanks for you input!!!
PDT,
Nothing wrong with that setup. Looks like an inverse C&H and I would have targeted $30.00 support on the daily which is roughly in line with 75% fib. extension of the ORH to the base at $31.00.
No volume spike to warn of a reversal, just typical of the pre-opex choppiness I guess.
Thanks for the feedback!
Post a Comment