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The 30 min dummy setup caught my eye. I zoomed in on the 1 min chart and found a 2 min base with a double bottom with a slightly lower second low.

This slightly lower low can often trigger the up move. At the same time the market (QQQQ’s in this case) bounced from a sort of D-pattern. I entered CHL at the break of the 2 min range. I got a bit of positive slippage and was in at 87.48. First target was 88.50 but I entered a limit order for half at 88.45.

I put the stop on the remaining half at breakeven, and after a new high the stop was set pretty wide below the reaction low, 87.87. Over dinner it just got hit (87.85 was the low) .

The worst part however was not the stop getting hit but not getting in again when again it made a sort of reverse H&S on 2 min chart and started another up leg…

I did notice it in time but - wanting to protect the nice profit I already had - skipped it for no good reason. Good reasons being reasons you could explain to another trader without feeling stupid…

Tags: Uncategorized by Art Vandalay
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BRCM gapped up big time, moved nicely off the opening range. I missed that move but into lunch it had retraced almost the complete move. What caught my eye were several things.

• It had found support on the morning range bar.
• there was a nice 2 wave pullback

Especially the pace development in the pull back was nice. It fell hard at first, rounded of near support, but then again made three pushes down, each penetrating the previous low less then the one before, hence the ’rounding off’ appearance. When the reverse head and shoulder like pattern formed (a very tight 30 min dummy bar) I entered with a very tight stop. (first red line, the thin blue line is my entry)

2R was around the first resistance level so I took half off, keeping the rest with a break even stop. The higher thin red lines are the trailing stops, but I did not enter the last one in TWS, figuring I’d see what would happen.

The dark red line was my second target but it did not make it so I closed the remaining position at exactly 5 minutes before market close.

Tags: 2 wave pullback by Art Vandalay
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