Showing posts with label bearish_engulfing. Show all posts
Showing posts with label bearish_engulfing. Show all posts

Monday, July 6, 2009

Day + Swing Trade: ERY - Short




I have been trading APOL for the last couple of days expecting it to fill the gap. Today it did fill but without me :(

ERY (Direxion Daily Energy Bear 3X Shs(ETF) is 3X short energy ETF. I went short ERY today which is same as going long 3X energy ETF.
ERY gapped up (see 5 min. chart) and formed a nice green bar. 2nd bar took the price further up and started the retracement back to ORL forming a nice doji and hammer on ORL, rallying back up near the ORH which now acted as resistance. Entered short when it formed some bearish bar on 5 min. and a bearish engulfing bar on 15min. Would have been nice if the engulfing bar was on high volume. Exited 3/4th of my position a little above 38.2% FE measured from ORH-ORL and am holding the remaining with a target of $24.80. Will see how it plays out. My swing position update can be found here.

Tuesday, June 16, 2009

FCX, NUE

**Edited: The chart should read 'Bearish Engulfing' and not bullish engulfing. 

NUE was from the scanner.  8th candle was a bearish engulfing candle on high volume. Entered short on the break of the 7th bar low. Price dropped a little and then consolildated for another leg down.  I was watching how the price would react at 20 EMA. There was no bounce at 20EMA and so I set my target PDH. Markets were weak and that also helped to reach the target smoothly.


FCX was weak and the first 3 candles saw selling followed by some retracement on low volume. It formed a red hanging man followed by a weak inside bar. The entry was the handle of C&H. Covered entire position at 50% FE of C&H.  Left a lot on the table but I sticked to my plan.