PCLN from the
WL pivoted three times into the round number $130.00. Following each of these pivots, it carved out lower highs. Base & break below $130.00. I used the 5 minute time frame below to set my initial stop because the 15 minute chart was too wide. I closed the position before the 3rd 15 min.
WRB was complete at $125.00 (whole number) on a huge volume spike (capitulation after sharp decline) which foreshadowed the end of the move.
JASO was a
HCPG pick at $20.00. I entered a little early to take advantage the B&B setup. Stop above green hammer reversal bar which closed above S2.
LEH carved out a series of lower highs and higher lows. I decided to enter before the trend line break on the strength of the last high's bearish candle. I used the hanging man on the 5 min. time frame as my
initial stop. Partial at $128 and tighten stop above green hammer reversal bar.
PCLN from the WL pivoted three times into the round number $130.00. Following each of these pivots, it carved out lower highs. Base & break below $130.00. I used the 5 minute time frame below to set my initial stop because the 15 minute chart was too wide. I closed the position before the 3rd 15 min. WRB was complete at $125.00 (whole number) on a huge volume spike (capitulation after sharp decline) which foreshadowed the end of the move.
JASO was a HCPG pick at $20.00. I entered a little early to take advantage the B&B setup. Stop above green hammer reversal bar which closed above S2.
LEH carved out a series of lower highs and higher lows. I decided to enter before the trend line break on the strength of the last high's bearish candle. I used the hanging man on the 5 min. time frame as my initial stop. Partial at $128 and tighten stop above green hammer reversal bar.
4 comments:
Jamie, how do you enter these trades?
In the B&B example did you enter a stop order a few cents below the actual base or is there some other method?
PDT,
I enter on a sell stop order but only if it sets up correctly. I prefer when price consolidates in a narrow range at the base. If it swoons down and doesn't pause before taking out support, I'm not keen on taking the entry.
I was watching CMI as well for a similar type setup, but ended up passing because it was too choppy.
Love the PCLN trade and analysis! Congrats on that nice trade. A few weeks ago I removed PCLN from my WL, but it is going back in tonight ;-)
I also traded LEH but with a different entry. I wish I saw yours.
Cheers,
Hey Anarco,
Your LEH trade is better than mine. Lower risk and exit 100% on low of the day. :)
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