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Friday, November 17, 2006

Chart Study - RIMM, SHLD

RIMM gapped up and is now trading at all time high. First bar closed in the lower half the bar. 2nd bar quickly hit 1.38 Fib ext, which subsequently acted as a resistance. Next few bars consolidated and pulled back to close 5 EMA gap. 8th bar is the narrowest range bar. Potential entry above 8th bar high, with initial stop below 8th bar low. Although supported by 5 EMA, this is not the most ideal set-up because it is smack in between the 1.38 Fib ext and OR high. 1.38 Fib ext continued to act as resistance after entry and would be shaken by the 12th bar which closed below 5 EMA. However, if you have followed your initial stop loss, you would have remained in the trade. Upside action came about from bar 13-17. Partial profit take after $1 move and close remaining position after 1.62 Fib ext is reached. As this is not an A grade setup, it is better to bank in some $$$ after a dollar move.

SHLD gapped down after earning report. 1st bar is wide range and bearish. Next few bars traded around the OR low and thereafter hugged the 5 EMA closely. Potential entry below 14th bar low and stop loss above 14th bar high. Exit when daily 50 MA is reached.


1 Comments:

Blogger Simply Options Trader said...

Hi Ben,
Saw your note to me. Thanks for visiting the blog!

I didn't publish your comment as you left your contact no. there - to protect you from receiving "unwanted" calls.

You can drop me a mail using the contact me link found at the bottom right.

1:11 PM  

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