Futures
gapped lower. Extend Fib. lines from the previous day high to the 15 minute
ORL. Price fills the gap and reverses. After breaching the
ORL, price forms a bear flag on declining volume. Enter as price breaches blue line segment or previous bar low. Initial stop is a few ticks above previous bar high (red line segment). Target was 50% extension. Took a partial at 38% extension.
BAC carved out NR7 at the base of the
ORL. Enter on break of NR7. Place stop above previous bar high. Partial at half dollar and exit balance at 38% extension.
AAPL is testing first level support. If we reverse tomorrow, we have a clear path back up 50%
retracement. I doubt it will be that easy, but keeping it on the Focus list just in case.
Futures gapped lower. Extend Fib. lines from the previous day high to the 15 minute ORL. Price fills the gap and reverses. After breaching the ORL, price forms a bear flag on declining volume. Enter as price breaches blue line segment or previous bar low. Initial stop is a few ticks above previous bar high (red line segment). Target was 50% extension. Took a partial at 38% extension.
BAC carved out NR7 at the base of the ORL. Enter on break of NR7. Place stop above previous bar high. Partial at half dollar and exit balance at 38% extension.
AAPL is testing first level support. If we reverse tomorrow, we have a clear path back up 50% retracement. I doubt it will be that easy, but keeping it on the Focus list just in case.
4 comments:
nice trading.
jamie,
for ES, any reason why u target for 50% fib ext and not 61.8%?
Thanks QQQ
YR,
First level support (pivots from the past) was 910 which lines up perfectly with 50%. The 62% level didn't really line up with anything, so I chose the more realistic target.
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