Symbol: QCOM
Type: Long
Result: Lost -1R
- QCOM came from Jamie's watchlist from his Pre-Market post here.
- I've read a lot about Jamie's Pivot Point trades, and I decided to give it try today
- I plotted what "I believe" to be Pivot Points (see chart below) at $38.00 (hey, round number too!)
- As the prices closed in to $38.00, my finger was at the finger, ready to fire!
- The chart above is what the chart looks like during entry
- The yellow line (top chart) is the Pivot Point
- When the prices crossed the Pivot Point, it gapped up
- That's why my entry was a bit further away from the Pivot Point
- Unfortunately, I was stopped out during the next bar. (It would have been the same bar if my stop was tighter!)
- I spotted another potential entry at around 12:30, when it painted consecutive Hammers/Twizzer Bottom?
- But it also seemed to me that there a long Upper Shadow, Shooting Star like, bar right in front of it. That's why I didn't enter.
- And of course, the ones that you didn't enter, it always get to the 138% Fib!
- Thanks for reading my blog!
- Have a wonderful weekend!
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