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).
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).
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2 comments:
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
Thanks AT, appreciate the feedback!
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