TBSI from the Briefing.com gapper list, retraced sharply off the open into the rising 5 period ema, followed by a snap back, bullish tweezer bottom reversal and 2 NRIBs (NR7) so I entered long above the base (easier to spot the base on the 5 minute time frame below). My preliminary target was daily resistance where I booked a partial profit. I was hoping price would hold the ORH as support, but it failed and stopped me out.
4 comments:
Jamie,
You are nailing these low risk, NRIB setups. Nice reward to risk ratios!
I traded VRSN following bounce off 15' 20ema for pizza money. It was not a solid setup and action, but did work higher from the ema test.
AYI was better at 7/15' BO of morning consol above 15' 5ema. Trended to the close with no troubles (15' closes above 5 ema). The key was the daily setup.
I'm glad you mentioned the retailers. Several dailies appear to have potential: BBBY, DLTR, JCP. Thoughts?
Jamie,
Nice work and the whole group moved including the oil ones: tk osg gmr. Didn't read Briefing but thought of shorting EXM as they were buying qarm...and debt. Something I've seen over and over again. Homes yesterday along with brokers with early am reversal.
Jim,
AYI - Excellent!
Retail - DLTR if can break above resistance around 27.40, will likely retest area around 30.00. JCP looks poised to make a move higher. BBBY approaching resistance from daily PP.
Reaction to the FED should be interesting tomorrow.
YHOO gapping way down on earnings/guidance
LEH incr. dividend gapping up and could test daily PP.
Bl,
Yes, when whole group moves provides momentum.
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