The first chart is the wide range 15 min. timeframe highlighting the pivot point which has been tagged several times at $50.00As mentioned in the edit portion of the pre-market post, AMGN was on the move in early trade.
I waited till price broke the PP in close proximity of the ascending 5 period ema. A very low risk dummy entry on the 5 minute below. It was slow at first but then it accelerated into a vertical move typical of PP breakouts. I exited as price approached the round $ number $51.00.
The third AMGN chart shows that we are still on track for the $52.00 PP target after a hammer reversal last Friday and today's bullish engulfing bar.
The NTAP chart below is just a quick scalp into the close but everything lined up so perfectly that I couldn't resist. A tweezer bottom reversal at the 38% Fib. retracement of the last leg up with a bullish green hammer as a trigger bar.
NTAP is still on track for a gap fill.
2 comments:
Scratch Day:
1) Traded IBM long off 4th 15m. Stopped out at 9th low for slightly better than even. Should have reentered off 16th 15m - did not. IBM did break trendline on daily.
2) Shorted KLAC off 3rd 15m low. Stopped out at even on 11th 15m.
Missed GME...
Jim,
Your IBM trade was very similar to my JOYG trade. IBM has saved itself once again. Nice strong close on increasing volume.
GME was a good B&B trade. I set an alert just under the 4/15 min. high so I didn't have to look at it all the time as the pattern was taking a long time to develop.
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