After a deep pullback like
FLSH, I need confirmation before taking a long position. I waited until price took out the high of the three consolidation doji bars before going long. Price moved up slowly but orderly all the way back to resistance which was my initial target. I took a 50% profit and was stopped out on the balance just under the pink line.
This
JCOM trade came to me via the TI scanner. It showed up on the scan in the morning, but I didn't want to chase it, so I waited for a pullback. It had a nice shallow pullback then traded sideways for an hour. It popped out of its narrow trading range on a volume spike and I hit the ask because I didn't want to give it a second chance to runaway from me. It paid off nicely. On these types of consolidations, I try not to buy until the break of the upper blue line, because these can just as easily fade. However, you have to be very fast when the break occurs. Sometimes a buy stop order helps.
After a deep pullback like FLSH, I need confirmation before taking a long position. I waited until price took out the high of the three consolidation doji bars before going long. Price moved up slowly but orderly all the way back to resistance which was my initial target. I took a 50% profit and was stopped out on the balance just under the pink line.
This JCOM trade came to me via the TI scanner. It showed up on the scan in the morning, but I didn't want to chase it, so I waited for a pullback. It had a nice shallow pullback then traded sideways for an hour. It popped out of its narrow trading range on a volume spike and I hit the ask because I didn't want to give it a second chance to runaway from me. It paid off nicely. On these types of consolidations, I try not to buy until the break of the upper blue line, because these can just as easily fade. However, you have to be very fast when the break occurs. Sometimes a buy stop order helps.
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