GROW was a low risk, consolidation breakout after it had digested the opening WRB for well over an hour. The consolidation took place on lower volume and the break had a noticeable uptick. I took my exit after GROW had carved out a lower high. It doesn't look like much on this chart but it netted 1.3 points.
CAL was low risk entry following a NRB with the support of the converging MAs. Volume picked up shortly after my entry and carried price up to $ 38.60 in four consecutive bars. It formed a tweezer top reversal pattern so I moved my stop up to $38.50.
2 comments:
Hi Jamie,
How do you determine the initial target eixt for such play? Thks
The WHY-Trader
Hi WHY,
I had no target for GROW because we are in blue sky territory. But if it pulls back for another enrty tomorrow, today's high will be the initial target.
My target on CAL was yesterday's AH high. However, CAL gave a strong reversal signal at $38.60 so I moved my stop in tight and took my profit before giving it back.
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