Tuesday, October 14, 2008

Trading Pairs - One Winner & One Loser

A solid base - inverted H&S - resulted in a nice rally to the next resistance level for AEM.

Too much resistance from Friday resulted in a failed C&H pattern for ABX.

5 comments:

bl said...

Jamie,
ABX-I liked the 3/15 bounce off the 20 ema/.38Fib retracement/fill the gap. Might have been a better entry in view if all the overhead resistance. The Canadian oil stocks quickly faded at the open for some very profitable gains if one was aggressive: su eca tck ccj
cnq imo and are on my WL. Think of any others?

yr said...

Jamie,
Could u help take a look at why entry on SPY at around 10.15ET am didn't work out? Support at previous day high and also 38% fib retracement from prev day low to today's high. Anything I miss out on the setup? Thanks!

Jamie said...

BL,

Too many to list. A spreadsheet of Canadian oil stocks available at http://oil-stocks.ca/canadian/oil/marketcaps

Jamie said...

YR,

On day three of a move in one direction, use a trendline in addition to the Fibs. I don't see an entry as all of the price action is bearish. The 10:15 bar doesn't close at least 50% of height of inverted hammer and the 10:30 bar doesn't take out the high of the previous bar. The 5 min. is choppy series of lower lows. Price consolidates at trendline and 50% retracement level, but each bar is an offset so there's no clear buy signal.

yr said...

thanks Jamie for dissecting it