My timing was off on this one so I missed it altogether. Beautiful chart to study. Again the 3rd bar does not close at its low (although it is clearly weak), but if the chart is truly bearish, these ones seem to work out.
Ideally, I like when the 2nd and 3rd bar in the gaps consolidate near the ORH (or ORL), but I am observing that if the second bar is strong and closes at the ORH, the setups tend to work. Something to keep studying.
I wish I would have seen this one in time. The curious thing is that I have this chart open all the time, but I did not see the setup until later in the day. Watching and "seeing" is not the same. Perfect bull flag, price bounces from 20 EMA and 50 EMA, forms a tweezer bottom, and a beautiful hammer-like candle that closes just above the 5EMA. Price takes off from there.
6 comments:
Hi Anarco, about QQQQ look at decreasing volume with bull flag a perpect setup if caught in time. Minja
Hey Minja.
I wish I would have been there. My timing was not right.
anarco - I was watching AMLN today and I got an intuitive feeling that price would not wait for the 5 ema to catch up to produce a nice chart on the 15 so I switched to the 5 minute view - I did not trade - this was a paper trade for me but I saw price consolidate near OR low with support at the 5ema so I saw a low risk entry at that point.
Great catch tom!
I also have the 3min chart open during the session and that one looks very good too.
I was very happy to see last night that Jamie got into that trade :-)
Good trade with RIO. I traded that last Thursday for a quick scalp (B&B). This market has gotten better as the week has gone on. Still low volume though, so I've been cautious. Today was nice if you were in financials.
Hey Rick~
Yeah... I might add RIO to my WL.
I could not trade today, but there are some awesome charts today.
Cheers,
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