First order of business today was to lock in my swing profit on ABX. Today's market sell-off spared no sectors, so pointless trying to pick a bottom until a clear reversal pattern develops.
POT/AGU carved out bearish h patterns.
STT from the Trade-Ideas pre-market gapper scan faked an upside move, but quickly failed, setting up a low risk short. Took a partial as price retraced to the ORL. Eventually, STT carved out an inverse C&H, but failed to extend much beyond 50% on the first swing lower.
7 comments:
I also shorted POT at the exact same place, but i got out way to early at about 78$. I must absolutly let those nice winner trade run.
JF,
Yeah, h-pattern usually good for measured move of 100%. Try to hold half until closest $ level to 100%
Cool trading Jamie!
There is an h-pattern on the 1 min chart (first 8 bars). What prevented you from entering there?
Thanks in advance!
Anarco
The above is for POT.
Anarco,
Good question. h-patterns usually retrace at least 50% and I want to get a better feel for the opening range on the longer timeframes. 8 minutes into the trading session, I was still looking at my gold charts. Couldn't decide if I wanted to short the gap fade.
Did you drop briefing.com for pre-market gappers ? I have found that Trade-Idea's gapper scan misses a lot of candidates that other scanners pick up.
GT,
You could be right about Trade-Ideas, but I think it has more to do with how you program it. For me, it's not about quantity, it's about quality. I'm looking for stocks gapping above/below PDH/L on volume, so I use TI for number of prints.
Still using Briefing.com as well as IB.
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