The first chart of DRYS is the daily time frame which shows that we had been consolidating in a tight range on the lower trendline of the symmetrical triangle for quite a while. Also note that today's consolidation BO took place on respectable volume.
The second chart is a 15 min. time frame with support/resistance lines. It's cool how today's high rallied to the extension of the ray from the short last week. I was reviewing the chart daily, but didn't really want to trade it unless it penetrated either the S/R lines.So today was the day, and the trade set up a perfect dummy B&B.
7 comments:
Great trade on DRYS. I was looking at it too, but had forgotten about it until it was too late.
Thanks Tyler,
Yeah, that happens to me sometimes, but lately I've been setting alerts so that I get a reminder when price is trading within 10 cents of the BO point.
Tyler,
I just checked your blog and see that, for the most part, we traded the same stocks - RIMM and FWLT. Like DRYS, FWLT and RIMM are watch list stocks for me, so I monitor the action daily. I shorted RIMM in the afternoon after that hanging man. That whole rally off of support felt contrived. FWLT was my best trade with an early entry off of a 3 PP base on the 1 minute. Held up well into the close.
That DRYS trade was a work of art. In the words of Hannibal from the A-team, "I love it when a plan comes together." Well done!
Nice DRYS! I am starting to use eSignal alerts near areas of interest, and I am really liking it. It helps me a lot during the trading session.
Nice trading. I bought DRYS too on a break of the 14th bar high...it was an "in the tail" and a higher low higher high from bar 12.
Nice explosive move, with a clear exit signal given the long upper tails in bars 16 and 17.
Hey guys,
Yeah, the price/volume contraction just below the base was a perfect lead-in for an explosive move!
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