Wednesday, February 6, 2008

Gap 123 Fade - NFP

5 Minute Chart

Stock: NFP 5 minute chart
Entry Green Line: 29.70
Stop Red Line: 29.10
Result: .40 to .78
Setup Grade: B
Notes: Huge gap down, nice risk reward on 3rd candle of the day, ran out of steam at the 5 EMA

* Grade is according my rules for each setup outline in my business plan. The grade is for the setup not the end result.

* Feel free to post any trades you made today that you would like commented on

4 comments:

QQQBall said...

is the red line your intraday support level. there were a few gap downs tha tmove back up into the gap areas.

nice trading!

How I Day Trade said...

The green line is where I entered and the red line is where I placed my stop - it was down about 18% so when I saw that hammer form I went for it.

QQQBall said...

see that now, i apologize for missing the red/green thingy. are you jsut fading off of the hammer? ive noticed the first little bounce tends to fail, while the second one is more reliable.

QQQBall

How I Day Trade said...

Yes I am using the high of the hammer to go long - havent noticed too much on what bounce is more reliable, usually the harder they fall (increased volume) the more of a realiable bounce you get.

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