Monday, August 8, 2011

Recap: $KWK and $MTW trades from 8/8/2011

Unfortunately, I need to leave the "party" a bit early today. But needless to say, after not trading last week so that I can update my trading journal on Tradervue (I'm almost done!), I thought the fireworks would be over, and this would be a boring week.  But the volatility from last week continued, and I was able to catch a few good moves.

After getting chopped around for the first few trades in KWK and ELN, I caught a decent move in WYN - 9th bar, 5min chart. I'd likely rate is a C, maybe C+.  But with everything going down, I thought I'd have more margin for error and ended up being fortunate with a win.

Here were a couple afternoon trades:

MWW - 5min, sell below the low of the 13:25 bar. Exited when it barely missed the Fib Extension 2.0 line after watching the price action carefully.

This was was a classic "Beyond the FE" [BTFE] Trader-X type setup.  I missed the consolidation breakdown that was a "Beyond the Opening Range Low" setup that took place 25 minutes prior to this entry. I also missed a vwap line bounce [VLB] trade at around 11:10 that also ended up working well.

KWK - 5min, sell below 14:05 bar. I exited when the high of the green bar was broken (yellow circle).

The is something I believe Tom C. (from the Trader-X archives) would likely take, which was similar to a "Beyond the Fibonacci Extension" [BTFE] setup.  But this had more of a "break beyond the FE first, then pullback to the FE" (in this case, the 200% Fib Extension of the opening range) type action instead of a usual consolidation sideways as you saw in MWW above. 
KWK - 5 min (partial day)

Note that the charts above snapshots made prior to the close of the day, so there's maybe an hour missing.

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