Candles and candles only

Discussion in 'Trading' started by indahook, Jun 20, 2003.

  1. Here we go. Lets keep it clean, civil and above all helpful to "newbie" traders.

    Everyday I will post hammer formations to stalk. Look for the stock/ETF to trade above the prior days high. With a stop below the same days lows.

    Q = 6/19 high 5.03
    SHW = 6/19 high 28.06

    Remember, always do you`re own DD.

    I apologize for not posting charts, no time this morning.
     
  2. IFF close 32.64 high 32.65
    MCD close 22.02 high 22.08
    WYE close 48.22 high 48.46

    MCD looks the most intruiging of these three IMO.

     
  3. Ahh, I knew there was a reason this thread has not attracted more responses. The requirements for posting are fairly stringent. :D

    Great thread indahook. This is very useful. I wish we had more of this, ie., here is the stock, and here is the TA why.
     
  4. Thank you for you`re support inandlong. I may post possible shorts also, but for now this will be it.

    one hammer play today.

    MCD bought at 22.10 from 22.08 stp, showing relative strength today. 21.56 sell stop 23.10 tgt
     
  5. AET close 60.2 high 60.24
    AZO close 79.96 high 77.18
    BJS close 39.17 high 39.24
    CL close 59.63 high 59.65
    CLX close 43.09 high 43.23
    FLR close 34.8 high 34.88
    IR close 48.1 high 48.1
    STJ close 56.72 high 56.85
    WLP close 86 high 86.02

    AET,CL,and IR look the best here. They have maintained there uptrend and pulled back nicely.

    Always wait for confirmation before getting involved. Personally I put in my buy stops in a few cents above the hammer`s high and let the MKT come to me. As soon as I get my fill back the sell stop goes in a few cents lower than the hammer days close.

    Position sizing is also key. I`ll use AET for example. The high is 60.24 the low is 59.4. lets say I get filled at 60.27. Using my normal maximum loss size of $500 dollars per trade and subtracting 60.27 - 59.38 = .89. $500/.89 = 562 shares.

    Personally I also look for a min 2/1 ratio so my price tgt in this particular trade would be 62.05.

    Good luck!
     
  6. swimmus

    swimmus

    Indiahook, thanks for this thread. I was wondering if you could post a chart with this as well, I thinkit would be helpful to see what you see.

    Thanks again!
     
  7. swimmus

    swimmus

    Is this what you are looking for, BAC today, 6-24-2003?
     
  8. No problem. The only prob is that I cannot post all of the charts. I`ll try to post the best "looking" chart, IMO of course :cool:
     
  9. AMD close 6.31 high 6.41
    CI close 47.75 high 47.95
    FRE close 50.03 high 50.19
    LIZ close 35.56 high 35.64
    MRVL close 32.26 high 32.46
    SLR close 3.36 high 3.37
    WMI close 23.78 high 23.86

    LIZ is the only one that I really like today.

    As always do you`re own due diligence and tread lightly on this fed day.
     
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  10. That one did not come up in my screen. Looks good right now, trading at 77.97..yesterdays high was 77.96.
     
    #10     Jun 25, 2003