MOS formed a nicely shaped C&H, but the volume formation was not great. The base of the cup is at 130.50 so I placed my stop buy order at 130.52. The interesting thing is that my internet connection crashed and I had to restart my computer, so by the time I was back up I have totally forgotten about this setup. Anyway, a good 40minutes later, my order gets triggered and since I still liked the setup I stayed in the trade. I did not feel the volume was strong enough to push this baby to the 38% fib extension (drawn from the base of the bottom to the top base of the cup) so I took a partial at the 25% fib extension. Exited the rest at the end of the session, which was exactly at the 25% fib ext.
4 comments:
Why not trade the opening 11am c/h with good vol?
I would have not traded that as a C&H because the bar that makes it to the base ($126) is quite wide and, at this point in my trading, I prefer that the bar before the break of the base is relatively NR.
However, now that you mentioned, a nice entry bar for my current style could have been 14/5, which is nice retreacement to the 20EMA (almost like a bull flag)
Where is the bottom base of the cup?
Bottom is the low of the second bar and top (base)is at 130.50
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