I entered both the trades at the same time.
POT 7th bar was a WR green bar followed by what looked like a consolidation to me before a BO. 8-9 bar both failed to close above the 50 EMA. Placed my order above the 50EMA which got filled on the 10th bar which also failed to close above the 50EMA and took me out on the next bar for a loss.
JPM - Entered for the same reasons as POT. 7-9th candles were below R1. Got filled on the 10th bar and stopped out later for a loss.
4 comments:
Hey Day Tradr,
Here are a few observations.
POT - Although a small gap up, was still in the lower portion of PDR. Had already made a good move from LOD to get to ORH zone. Did not BO of ORH.
JPM - Also within PDR. Trading into PP/res from PD. Also had made good move up to still be inside PDR.
The big culprit of the day was a very whippy overall market environment. It was a tough environment to trade. Luckily I stayed out. Congrats on your other trades.
Yeah agree with Jim's points.
JPM setting up just below yesterday's breakdown point. Former support is now resistance.
POT - look at wider view and see that we have resistance at $115.00.
Thanks Jim. I was not sure where to leave you a message asking you to visit my blog. Glad you did. Thanks for your input. I'll remember these.
I feel like a dumb now. I have been using a 10 days 15min. chart where I would mark recent support/resistance and watch them while trading stocks within PDR. I really don't remember when I removed that chart (definitely must have closed it by mistake) and most importantly I forgot all about it. Can't believe I have been trading the last few days watching S/R on the daily chart only. Glad that you and Jamie stopped by or else I may not have realized this blunder. Thanks once again.
Please keep visiting the blog and analyzing the trades.
Thanks,
Day Tradr
Jamie:
Thanks for analyzing the trades. I had stopped watching recent S/R on 15 min. chart. Unbelievable! I can clearly see the resistance on both the failed trades. It also explains why BGU failed to break the 33 level.
I was really upset today with these 2 failed trades but feeling relieved now. Thanks to you and Jim.
Day Tradr
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