Sunday, March 15, 2009

Monday March 9, 2009 Trades

My trades from Monday March 9, 2009.

My morning trades (four of them) for Monday March 9, 2009:
First four trades

My two trades during lunchtime, I spotted a well-formed but not perfect Gartley pattern (yes I know lunchtime trading is to be avoided, but this seemed very good):
Two lunchtime trades

I did no afternoon trades. The Gartley that was holding up nicely above eventually cracked after multiple tests of point D which was a breakdown trade opportunity. Some traders put their stops on bullish Gartleys below the point D some put their stops below point X. However since my style is normally not to play breakouts or breakdowns due to stop placement being too big, I passed on the failed pattern trade. I place my stops based on significant swing points on the 3 minute chart when there is "normal" trading activity, so falling knife shorts I need to pass on. If there is exceedingly active trading volume, like during a Fed announcement or Non Farm Payrolls report like on Friday, I will use a well-defined 233 tick chart swing point since the 3 minute chart will just show a huge wide ranging bar of some sort.

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