Tuesday, February 24, 2009

Bear Flag - ABX and Inverse H&S - V

ABX fooled me on the capitulation volume spike as price moved into the 50% fib. ext. of the PDH to ORL. Eventually, I found a spot to get back in for the rest of the ride.

Watch gold tomorrow for a snap back rally.

V- Inverse H&S - normally a measured move on a chart pattern is 100%, but I had a feeling that V would go to $57, so I locked some in and kept my fingers crossed.

7 comments:

Tyler said...

Jamie,

Would you consider NEM an "h" pattern today? I couldn't remember what you said one looked like or the target.

I tried to search for "h" on your site and it gave me results for every post that had the letter h in it. Not what I was looking for, haha!

Thanks,
Tyler

Jamie said...

Tyler,

Yeah, I see a nice h on 5 min.

My lower side panel section called Labels has two references to h-pattern.

Tyler said...

Jamie,

Thanks for the directions.

Thanks,
Tyler

shawn said...

Jamie,
Love reading your blog! your trades always look so clean and simple.
wondering what kind of risk management you use...% of equity per trade, risk/reward ratio, how you position stops...thanks for sharing!
shawn

Jamie said...

Thanks Shawn,

I use risk/reward ratio. My stops are usually previous bar high/low except NRIB, I use the outside bar as my stop. The red line segments on the ABX trade represent my stops.

Jim said...

Hey Jamie,

Great call last night on the "coiling in gold". ABX, GG, NEM all had nice short setups this morning. Although not as weak as ABX and GG, I liked that the 4th 10min bar in NEM spanned the retracement zone (38-62%) for Fibs over the OR. That bar was also a red hanging man. What a nice setup to have a hanging man exactly spanning the RZ!

Jamie said...

Thanks Jim,

Yeah, good eye on the NEM hanging man in the RZ. I was focused on ABX because of the NRB inside the lower shadow of the previous day's stick on the daily.