CIT gapped up and formed a C&H at the base of the ORH. It showed a nice volume contraction on 7/15 and 8/15, and 9/15 was a very bullish bar that closed above the ORL. I entered on the break of 9/15. It immediately moved my way but it pulled back to test R1 from above. After successfully testing R1, it continued its slow move up until it exploded at 1:15pm hitting the 100% Fib extension drawn from the low to the base of the cup, where I took a partial. Volume increased at that point and it seemed like CIT had the strength to fade the daily gap to $15.00 (formed on 03/17), but I did not want to take any chances and exited when price hit R2 at $14.35. Really cool!
6 comments:
beautiful exit! very nice
Thanks QQQBall!
Nice. "hitting the 100% Fib extension drawn from the low to the base of the cup,." Would you give me those 2 prices. I don't understand. Thanks,
BL
Hi bl~
Since I trade the C&H pattern, I draw the fib extension from the low (bottom of the cup) to the base. So in that section of my description I was simply pointing to how I have drawn the fib extension.
Cheers,
anarco
nice trade. i'm loving this C&H trading. I'll have to watch out for those setups.
Yes. There are nice patterns. Be sure to visit Jamie's site here. He is the master of these patterns.
Thanks for visiting!
anarco
Post a Comment