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?
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!
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.
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:
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?
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!
BL,
Too many to list. A spreadsheet of Canadian oil stocks available at http://oil-stocks.ca/canadian/oil/marketcaps
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.
thanks Jamie for dissecting it
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