Friday, January 19, 2007

Day Trade: Long LVS 30-min chart

Entry @ $100.65 / 700 *** late posting***
Exit @ $104.48

Entry : $100.65

Size : 700

Exit : $104.48

Stop Loss : $99.75

Risk : 0.9

P/L : $2,681.00

R : 4.26

I patiently waited for this stock to show some life around the major retracement zone where many ELLIOT WAVE and FIB traders pick their entries. The 1st cstick of the day gave the clue to where the high probability trade might be. This cstick can be considered as a pivot cstick where intermediate trend changed direction and supply and demand psychology shifted. The low risk entry came on the 6th cstick after the break of the high of the 5th NRB cstick. The first 5csticks formed a pattern called FLAG/PENNANT. Sold the position at the close of the day.

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