thanks for posting the follow-up, beat me to the punch. the dreaded outside day! as you noted, the reversal is an important part of this setup if just trading off the daily charts. but the cows gave clues intra-day of the probable failure, when they couldn't push thru 8650 and volume declined after the first hour.
Classic Geometric Patterns and Narrow Range Setups
- Thread starter inandlong
- Start date
thanks for posting the follow-up, beat me to the punch. the dreaded outside day! as you noted, the reversal is an important part of this setup if just trading off the daily charts. but the cows gave clues intra-day of the probable failure, when they couldn't push thru 8650 and volume declined after the first hour.
Nice commentary here thinskis. The point you make is one that really needs to be emphasized. Yes, there is a school of thought that says you can trade the NRID as a stop and reverse and MOC trade. That in fact probably more likely represents the published authors intentions.
However, like you suggested thinskis, when other sound trading principles such as decreasing volume at a resistance point come into play, then not only is it possible to minimize a loss on an outside day, but it might have been very possible to make two profits today, one on the initial long that failed, and the other on the nice short.
I have seen this thread for a while wanted to know what you use for your geometric scans since I trade those set ups as well. I use trade ideas for mine and am very happy with results but their stuff is based on an adaptation of work done at MIT. Curious what else is out there and how much it costs?
I don't trade intraday, but buy with stops ($0.25 above the previous high).
For Thursday NR setups-
AKAM- NR7 after an NR7 ID yesterday, LGF- NR7, MLI- NR7 ID, TASR- NR5 ID after yesterday's NR4 ID, and TZOO- NR7 ID.
I've had some level of recent success with the NR set up's, imagine how they can do in a stronger market than the last week.
Happy Hunting!
Kevin
For Thursday NR setups-
AKAM- NR7 after an NR7 ID yesterday, LGF- NR7, MLI- NR7 ID, TASR- NR5 ID after yesterday's NR4 ID, and TZOO- NR7 ID.
I've had some level of recent success with the NR set up's, imagine how they can do in a stronger market than the last week.
Happy Hunting!
Kevin
ksthomsen... thanks for the setups.
When a long time member like ks' who is an infrequent poster posts... it is usually a jewel. This time is no exception. The point ks' makes about how well he would expect the NR's to do in a more volatile market is a great heads up for us going into this time of year.
uptiiiiiik! Another long-timer. It is very cool to see you still around. For those of you who don't know, uptik' has a very successful track record over all kinds of time frames. In other words, he IS a trader. Thanks for the setup man.
Diamondtrim I have been watching a fairly specific list of stocks for quite sometime and that is usaully where I get my trades. But I have heard very good things about "trade ideas." Also, for NRID stuff I use StockWatchPro.
When a long time member like ks' who is an infrequent poster posts... it is usually a jewel. This time is no exception. The point ks' makes about how well he would expect the NR's to do in a more volatile market is a great heads up for us going into this time of year.
uptiiiiiik! Another long-timer. It is very cool to see you still around. For those of you who don't know, uptik' has a very successful track record over all kinds of time frames. In other words, he IS a trader. Thanks for the setup man.
Diamondtrim I have been watching a fairly specific list of stocks for quite sometime and that is usaully where I get my trades. But I have heard very good things about "trade ideas." Also, for NRID stuff I use StockWatchPro.
