Thursday, October 30, 2008
MY TRADING STYLE
A clear explanation is in the works. I will try to explain my style/trading rules within the week. This will include how I only trade stocks printing strong price action/relative volume, how I use fibonacci retracements/extensions to guide my entries & exits, how I use moving averages, and what consolidation/reversal price & volume patterns I look for. I owe much of my trading style to the traders I have linked to on the Blog Roll. I highly recommend each blog. I read them!
10/30/08 - SHORT TRADE - GS: GOLDMAN SACHS GROUP INC
At 10:30 AM, GS (following a second touch of the 50% fib retracement line on less momentum) started to form a narrow range/low relative volume series of bars on the 1 minute chart. The consolidation occurred at the bottom of the fibonacci retracement zone of the previous day's low to the opening range high. I went short on the 10:41 bar.
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