4b – Support at 100dma for FDRY
Sep 27th, 2007 by Trader-15
FDRY had 5 lower closing days. Now approaching lowerBB and 100DMA (17.13).
Entered the trade about 3pm at 17.18.
Notes:
- I like the recent 3 higher highs
- Should I be concern that the most recent lows are also slightly lower lows ?
- Hmmm … looking at the chart more objectively … this could be a falling knife …?
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Moved stop to 17.29 when price = 17.5
moved stop to 17.48 when price = 17.74,
moved stop to 17.59 when price = 17.8,
moved stop to 17.69 when price = 17.95,
> I like the recent 3 higher highs
Me too
> Should I be concern that the most recent lows are also slightly lower lows ?
Not in this case
>Hmmm … looking at the chart more objectively … this could be a falling knife …?
It always can be when the setup is of consecutive down days, but if bought because of support and intraday chart pattern, then bottom fisher setup can provide trend reversal, or technical bounce for the channel.
Good Trade!
Friday 28 Sept – Did not trade today. Set GTC Stop at 17.79. (ie Risk 0.13 for reward of 0.28 to the target). Stopped out and exited at 17.77
Trade closed.
My 28 Sept Friday charts showed FDRY got to high of 18.08 in the opening few minutes and closed at 17.77 with the low at 17.70
(As I write this … Monday 1 Oct at 2 pm EST, FDRY is trading at 18.35. Gotta learn to manage my trades better