Morgan Stanley (MS) was the big news story today and it set up the perfect round trip trading. I knew it had capitulated but the long entry just flew past me. I guess I was drowning in euphoria over the short trades. Anyway, the 1 minute chart details the short entries. I'm now using the 10 period EMA (pink line) on the 1 minute time frame as opposed to the 5
ema. The 10
ema acts as support/resistance on the fast thrusts/swoons better than the 5 for this timeframe only. Still use 5 for longer timeframes.
My beloved
ABX, setup a follow on trade after yesterday's strength. But just as the broader markets gained some real strength,
ABX fell off a cliff. Sweet ride out of a bear flag. The last trade was a gut feeling, but I felt I could afford this stupid indulgence after such a profitable session.
Morgan Stanley (MS) was the big news story today and it set up the perfect round trip trading. I knew it had capitulated but the long entry just flew past me. I guess I was drowning in euphoria over the short trades. Anyway, the 1 minute chart details the short entries. I'm now using the 10 period EMA (pink line) on the 1 minute time frame as opposed to the 5 ema. The 10 ema acts as support/resistance on the fast thrusts/swoons better than the 5 for this timeframe only. Still use 5 for longer timeframes.
My beloved ABX, setup a follow on trade after yesterday's strength. But just as the broader markets gained some real strength, ABX fell off a cliff. Sweet ride out of a bear flag. The last trade was a gut feeling, but I felt I could afford this stupid indulgence after such a profitable session.
4 comments:
Jamie,
Great trades today. I was hoping to see some great profits on your blog today.
Also, thanks for the compliment about my trades. Unfortunately, I think you may have looked at my charts before I posted my analysis. They were only paper trades because I am still experimenting with my scan and I think it is getting better. It seems to give me some fairly good candidates each day.
I will let you know how it goes.
Thanks,
Tyler
Thanks Tyler,
In order to get a good feel for the market, one must trade under all kinds of market conditions. The current levels of volatility are extreme so I agree that new traders are best off trading lite or paper trading in order to observe and learn.
Jamie,
Congrats! What a day - you and me. I traded GS mid-day and ESRX late. The volatility was incredible.
Do you still have FWLT on your WL? 42.50 is a good level for a pop to 45.
Awesome Jim!
FWLT still on the WL and I will set the alert. ESRX, disappeared from the WL by error, glad you mentioned it, so I can add it back.
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