CELG cratered on the open and then bargain hunters moved in. It set up a perfect dummy long (NR7 inside) as it based narrowly at the cusp of the reaction swing high (second bar high). I exited at the 100% Fibonacci retracement of yesterday's close. That was equivalent to my trade mark 3 WRBs exit strategy.Later in the day, I took a second entry off of the 5 minute chart as it formed and inverted H&S pattern.
I highlighted WFR last night on the daily as a potential BO candidate. A small gap open followed by a choppy consolidation did not generate much interest until after it retested and held yesterday's high as support. After that, it was just a matter of waiting for a NRB above the 5 period ema.
So I traded the same two stocks as yesterday with much better results, especially on CELG.
2 comments:
Hey Jamie,
Caught CELG first thing for a nice ride down as I was watching it for continuation, also took WFR for a swing on your mention. Was so close to bailing on it when it traded down to 88.25. Looks good, and thanks for the great work you do.
Hey Glenn,
Guess you traded CELG on the 1 minute timeframe. That was one sharp vertical move!
WFR closed strong. Hope it works for you.
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