Wednesday, December 10, 2008

Preview

Perfect setup - FWLT (from my WL) formed a bull flag at base of R-zone.

I have personal business to attend so I may not have time to update blog tonight.

4 comments:

Tyler said...

Jamie,

Nice trade! I traded FWLT as well, but exited the full position at the PDH. I should have paid closer attention to the action at that level. Thanks for posting.

Tyler

Susan said...

Jamie,

Can you pls. take a look at today's (Dec. 11)AMLN 15 min. chart. It reached 100% extension and reversed from there. It formed a bearish candle at the 100% extn. on the 15 min. chart. Was there any reversal trade opportunity here?

I did not take the trade. Just trying to learn some reversal setups based on 15 min.

Thanks
Susan

Jamie said...

Susan,

The trade in AMLN today is on the long side. This is a story stock and the story is powerful. A drug that was all but dead has been given new life. I wouldn't bet against that even with a shooting star at the daily pivot high. So many times I see these types of reversals set up only to form a minor retracement followed by new highs in the afternoon.

Keep watching it for a possible long this afternoon.

Susan said...

Hey Jamie,

Thanks. I normally like to play with trend but have recently tried to look into reversal setups. I have realized that reversals are risky setups and it's very risky to jump at the first sign. Wait for a bear flag formation, lower highs and other confirmations before jumping into it. Also, it better for me to paper trade first and see how it goes.

Susan