Goldman Sachs (GS) and Intercontinental Exchange (ICE)
April 10, 2008 by addtrader
First trade was in Goldman Sachs (GS) right at the open. GS had popped out of an ascending triangle yesterday, and I felt it would continue that drop at the open. I was anticipating a very quick trade, and that was what I got.
Next was Intercontinental Exchange (ICE). ICE completed a three bar reversal pattern, that ended just below the ORH. Because of that, I wanted to see a tight consolodation candle before I entered. I got one, but it was not optimal, as it drifted upwards, and did not completely stay within the range of the previous bar. However it was good enough to give a shot. ICE rose on weak volume, continuing to close above the 5MA. On the tenth bar, it formed somewhat of a hangman candle, which gave me a stop loss point. When price went below that on the next candle, I took my exit.
