Monday, July 20, 2009

July 20 - ENER (bear flag)

The first chart shows how ENER bridged the low of 03.30.09 and pulled back on declining volume printing a number of bars with upper wick. Note also how weak the ENER is on the last 5 sessions compared to the rest of the market.


The second chart shows how ENER opened weak today and eventually bridged the bear flag line. I entered on the NRIB after the initial bridge. ENER kept printing small bear flags in the 15 min chart so I kept moving my stop to the high of each bear flag, until I eventually got stopped out.

2 comments:

TJ said...

Nice work Anarco!

Plan the trade and trade the plan.

anarco said...

Thank you Jamie!

That is one of the many things you taught me: to prepare for the next day by studying the charts and by marking the main PPs. It is a lot of extra work, but it definitely pays off. Thank you.