Thursday, December 11, 2008

Chart Patterns - Canadian Natural Resource Ltd (USA) (NYSE:CNQ); NQ Futures

$USD weakness is an invitation to long commodities. I went long CNQ.

Long on a break of a inverted H&S bottom. After the measured move of the pattern, CNQ slipped back below R2 and I took a partial for safety.


This morning in the comments of last night's technical update, I said to DT that I'd like to see a gap fill. My wish came true. It set up as a bear flag.

6 comments:

Attitude Trader said...

Dammit! I've had that Friday's Close Gap Fill line on my charts for three days thinking it would get filled. I was on the road today and didn't get to see it!

Good job.

-AT

Jamie said...

AT,

Hate when that happens. I had to leave early yesterday and was happy to see that nothing much happened while I was away.

You might get another gap to fill tomorrow morning. Futures ripping lower after hours.

Attitude Trader said...

On the road tomorrow too, but thanks for the tip!

Good luck tomorrow.

-AT

Susan said...

Jamie,

How do you draw fib. lines in stocks which gaps down but moves up strongly (e.g. HK, FWLT) from today's trade.

Sorry for the bother.

Susan

Jamie said...

Susan,

No bother, you place fib. retracement lines from previous day high to 15 min. ORL.

HK carved out 2 inside bars which could have been a good entry long, then take half off at the 50% retrace and see what develops after that.

Susan said...

Thanks Jamie. Just wanted to make sure.