AMGN gapped down and printed a long upper shadow that fell exactly at the intersection of the 5EMA with the 20EMA. AMGN tried to capture the 20EMA at 9:50 and 10:30, but did not have the power to make it. AMGN formed a base and I entered once the 10:40 bar broke that base. My target was the S1 line where I took a partial. I moved my BE point to that line to protect my profit when the price became stagnant. I was stopped out before 3:30pm.
5 comments:
I'm just curious, what was your initial stop on AMGN? The breakout bar was pretty wide.
I caught some AMGN too a little further down for a pretty nice gain.
Typically is the high (or low) of the previous bar, but in this case it was the high of the same bar. And yes, I agree with you, it was not such a great dummy entry. But today I found that the stocks I was watching were quite choppy so I did not mind so much the wider stop.
May I ask where did you get in?
Thanks,
I traded it off the 1-minute time frame. I got in at the low volume consolidation after the long move at 2:23. Exited at a near 100% extension of the previous move at $44.23.
I liked the 1:43-2:08 consolidation better but I missed it :/
good trade :)
Quentin
Thanks Quentin!
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