This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Well, all my wife’s singing and cheerleading were to no avail as the Bears lost. Two trades today, managed like the Bear’s defence yesterday. I did enjoy the game though. Trade 1: GANNETT CO INC (NYSE:GCI)
Trade 2: BE AEROSPACE INC (NasdaqGS:BEAV)
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on Monday, February 5th, 2007 at 5:50 pm and is filed under Trading.
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GCI- why wasnt the 4th bar you’re trigger even though it ended being a long wicked top even though the trade worked out?
@ Pete,
The 4th bar was way to wide to execute off of. You are right about the wick on the 4th bar being a warning, and I was aware of the increased risk. It closed green though. The difference between the 4th and the 5th is that the 5th bar CLOSED very near the 30 min O/R high(opening range high). The close of a candle is very, very important. The 5th bar is also hammer-like. When a trade consolidates sideways, or pretty much sideways, off of a gap, you can consider it a bull flag of sorts. Also, even though the 4th bar had a tall wick, it had an uptick in volume. Hope this helps.