Documenting the Journey From Bluecollar Guy Doing a Bluecollar Job to Trading the Markets for a Living
"A man is not finished when he is defeated. He is finished when he quits."
Monday, October 12, 2009
What's Familiar- October 13th
It's been awhile so I thought I'd do this again...
What's familiar? Look at the chart on the right... each of the yellow lines point to a doji, near-doji, or a candle which ends at the high/low for the 5-minute candle period. Each is a common sign of reversal of direction. And, in fact, each example for ENER does predict reversal; some small, some larger and playable.
Also, note the white line that runs from a high-volume spike in the volume area at the bottom of the chart up to the corresponding candle. There are four noted. Each candle high represents the top or darn close to the top of the trend within which it resides. An exit at the close of said candle would yield a gain if a trader was already in the stock from the consolidation break; 38 cents, 62 cents, 33 cents, and 21 cents respectively. The mystery is always the right entry, as you all know. It just sounds so easy when I write it but is so difficult in practice.
October 13th
Finally, another chance to sit in front of the market, if for only 20 minutes at EOD.
I scalped a ten-spot out of ENER, which had flattened out by the time I got to watch it.
I say it every time I post these days, but I'll say it again... I sure miss spending time in the markets. Wish I could throw away my wristwatch and cellphone, Scott! Ha! Gotta earn it first, I guess!
Best to all as you toil away!
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