Not sure what candle you mean DT3....I'll let hotpuddles put a chart in first and show where we enter, that may help. But if I am shorting I enter as soon as the prior bar is broken. Like RIG at 11:05, once the .75 breaks the .76 of the prior low, I enter.
gottcha, I was just asking in if you like to see the bar close before you go long/short or if it just hitting a price is good enough for you to enter
out at 28.76, but something tells me this isn't a trade you or puddels would take. would love to hear comments
<img src="http://puddles.humanfund.ca/20100524/spy.png"> <img src="http://puddles.humanfund.ca/20100524/gild.png"> <img src="http://puddles.humanfund.ca/20100524/hgsi.png"> <img src="http://puddles.humanfund.ca/20100524/100524-hgsi-sterling.png"> 10:04 SHORT GILD 35.99 STOP 36.09 TGT 35.79 - I had massive sterling charting issues for the first hour, I ended up trading off my Ninjatrader charts which I'm totally not used to. - GILD drifted lower with SPY but didn't move much on SPY's big bar, moderate relative weakness - Take lower high - out -0.1 10:53 LONG HGSI 24.01 STOP 23.87 TGT 24.29 - At this point sterling charting is back.. somewhat. - HGSI showing great relative strength. Gapped up and going up after an early pullback - Rather than showing me the 10:45 bar, Sterling shows me a bar for 10:48 (?!?). Screencap below. - Because the high of the bar on sterling was .98 i decided to wait until .01 to make sure it got through the round # - Entry .01, stop at .87 as per the bar as seen in sterling. - Since it's Victoria Day up here I go out for lunch with my GF who is home. - As per usual all my trades are bracketed. - While at lunch I see on my BB that I should have stopped out - I return home to see my stop never triggered and my target hit.. - If I had used the correct entry/stop/target based on the real 10:45 bar (.96, stop .87, tgt .14) I would have hit my target before the shakeout - This is pretty f'ng scary to me but for now I'll take this win.. - out +0.28 http://puddles.humanfund.ca/wp/2010/05/24/2010-05-24-trades/
I like the rel weakness of WFC but it never gives me a setup (on the 5 min chart)that I would take. It has 3 bars down and no pullback up (no green bars) I would either wait for this to base and short the break of that or wait for a lower high to set up. You were right on picking the bank sector though..check out AIG and GS setups today.
<img src="http://puddles.humanfund.ca/20100524/spy.png"> <img src="http://puddles.humanfund.ca/20100524/sii.png"> <img src="http://puddles.humanfund.ca/20100524/amgn.png"> <img src="http://puddles.humanfund.ca/20100524/mon.png"> 14:17 SHORT SII 38.91 STOP 39.03 TGT 38.67 - SPY heads up between 13:45 to 14:15 - SII drifts slowly downard showing relative weakness - short lower high - out +0.24 14:43 LONG AMGN 53.04 STOP 52.97 TGT 53.21 - SPY sells off from 14:20 to 14:40 - AMGN holds a tight range indicating relative strength - Take the next higher low just outside the range - out -0.07 14:56 SHORT MON 54.24 STOP 54.31 TGT 54.1 - MON shows relative weakness through the afternoon - It's not a complete week unless you short MON - MON makes a nice lower high at the LOD, short under it - out +0.14 3-2 today, probably should have been 2-3 but I'll take it.. http://puddles.humanfund.ca/wp/2010/05/24/2010-05-24-trades/