Posted by frtaylor on 29th of Jan 2013 at 01:31 pm
Yesterday APC painted a bearish engulfing candle at the end of a
4-week run. Today it retraced to 80.84 and has begun pulling
slowly off. 80.84 was, to the penny, the 61.8% retracement of
yesterday's candle. I shorted it, even though it hasn't yet
broken the 9ema on the daily. I will stop out at 80.90, i.e.,
if it goes above the 61.8, and reassess. Since it's been
strong, I may cover 1/2 or all the short fairly quickly.
APC short idea
Posted by frtaylor on 29th of Jan 2013 at 01:31 pm
Yesterday APC painted a bearish engulfing candle at the end of a 4-week run. Today it retraced to 80.84 and has begun pulling slowly off. 80.84 was, to the penny, the 61.8% retracement of yesterday's candle. I shorted it, even though it hasn't yet broken the 9ema on the daily. I will stop out at 80.90, i.e., if it goes above the 61.8, and reassess. Since it's been strong, I may cover 1/2 or all the short fairly quickly.
APC short starting to work.
Posted by frtaylor on 31st of Jan 2013 at 10:01 am
APC short starting to work. This is a short-term trade, I'll cover pretty quickly.