Yesterday, I missed most of the morning session, but was able to catch a few C&H patterns in the afternoon. JPM was my favorite with a parabolic like finish into the close. Today I placed my fibs to cover the last leg up to PDH. Price opened in the retracement zone, and eventually made its way back up to PDH, edged above it and came back in quickly, setting up an overbought short.
GS continued moving higher in early trade, but after a lot of choppy sideways trade along the outside edge of its upper channel line, it came back in for a quick short.
SOHU was a gap short last week and I placed my fibs from the ORH to the low of that day. Since that day, it has consolidated in a narrow range below the R-zone. Today, it gapped lower, but held support and rallied. Eventually, it printed NRIB NR7, for a low risk long. I took a partial at the top of the retracement zone and stopped out on balance.SOHU could break down on next test of lower fib. line, so set an alert.
2 comments:
Very cool Jamie!
I forget about trading pairs, but I am going to write a note on my forehead :-)
Hmmmmm, that might work. Pairs and trios are good too, but harder to manage unless they're synchronized like today with banks, insurers and brokers rolling over at the same time.
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