Posted by sbaxman111 on 30th of Mar 2016 at 11:34 am
Yesterday afternoon I used this customized "squeeze
pattern" from a ten min chart along with other confirming
indicators from my 60 min chart to take a DUST trade at the $2.96
level with a $2.92 stop loss in place if it went against me. Back
on the 22nd $2.95 had been a previous low as well. My target here
was/is the $3.20 pivot. Now the internal moving averages on the
chart are crossing up so there may be further momentum to go up to
the $3.30 S2 line from yesterday - or even today's R1 line. In any
event it is a nice 8% profit at the $3.20 pivot as a
stop.
Posted by sbaxman111 on 30th of Mar 2016 at 12:35 pm
Some are RSI-2, RSI-4, RSI-14, CCI-20, Wm%-8, various
Stochastic formulas, ADX-2, ULT 4,7,14, - I had 16 different ones
collectively indicating an extreme short-term oversold DUST
condition when I took the trade. A key factor was the $2.95
previous support line and the 10 min squeeze was clearly there
toward the end of the day. Often in these circumstances there will
be an initial move higher very early in the day...within the first
few minutes that fades very quickly. Today's was $3.18 very
quickly. You need to decide if a very quick opening 7+% profit is
enough to take immediately and then wait for another opportunity. I
also knew that there had been a $2.98 low prior to the $2.95 low on
the 22nd. In most circumstance I try to stay away from the middle
of the day trades where it seems these guys chop around a lot
without no real direction.
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DUST trade
Posted by sbaxman111 on 30th of Mar 2016 at 11:34 am
Yesterday afternoon I used this customized "squeeze pattern" from a ten min chart along with other confirming indicators from my 60 min chart to take a DUST trade at the $2.96 level with a $2.92 stop loss in place if it went against me. Back on the 22nd $2.95 had been a previous low as well. My target here was/is the $3.20 pivot. Now the internal moving averages on the chart are crossing up so there may be further momentum to go up to the $3.30 S2 line from yesterday - or even today's R1 line. In any event it is a nice 8% profit at the $3.20 pivot as a stop.
http://stockcharts.com/h-sc/ui?s=DUST&p=10&yr=0&mn=0&dy=2&id=p44617182803&listNum=1&a=449425090
What were your confirming indicators
Posted by EdZ on 30th of Mar 2016 at 12:09 pm
What were your confirming indicators on the 60 min chart?
DuST
Posted by sbaxman111 on 30th of Mar 2016 at 12:35 pm
Some are RSI-2, RSI-4, RSI-14, CCI-20, Wm%-8, various Stochastic formulas, ADX-2, ULT 4,7,14, - I had 16 different ones collectively indicating an extreme short-term oversold DUST condition when I took the trade. A key factor was the $2.95 previous support line and the 10 min squeeze was clearly there toward the end of the day. Often in these circumstances there will be an initial move higher very early in the day...within the first few minutes that fades very quickly. Today's was $3.18 very quickly. You need to decide if a very quick opening 7+% profit is enough to take immediately and then wait for another opportunity. I also knew that there had been a $2.98 low prior to the $2.95 low on the 22nd. In most circumstance I try to stay away from the middle of the day trades where it seems these guys chop around a lot without no real direction.