Wednesday, November 12, 2008

Gapper Dummy Trade - Canadian Natural Resource Ltd (USA) (Public, NYSE:CNQ)

CNQ gapped down and carved out NR7 (almost inside) at base of support (blue line). Place Fib. ext, from previous day high to ORL. Partial at 38% extension. I didn't want to give back the $40.00 level so I exited at $39.80. Turned out to be a bear flag and CNQ eventually went all the way to 100% (pretty close).

2 comments:

Attitude Trader said...

Jamie

I appreciate the way you explain your thinking and for marking your charts with entries/exits, etc (especially stock index futures like ES). It helps me not only to learn, but to see someone doing this in a consistently profitable way.

Thanks for sharing. It makes a difference.

-AT

Jamie said...

Thanks AT, appreciate the feedback!