USNA gapped up on high volume and rallied up to daily resistance before giving most of the OR back in a long upper shadow. It retraced 62% of the move from the pre-market low to the ORH and carved out a tweezer bottom. The seventh 15 min. bar was NR7 and the next bar was a bullish hammer with support from the rising 5 period ema. I entered long on the next bar at $45.00. My target was the ORH. Price rallied up to the 62% Fib retracement level of the morning swing low to the ORH before stalling and printing a red star which was my cue to exit the trade.
Late in the session USNA carved out a perfect C&H base. My experience with C&H patterns that set up EOD is a high failure rate so I didn't put a lot of money to work here. Too bad.
USNA gapped up on high volume and rallied up to daily resistance before giving most of the OR back in a long upper shadow. It retraced 62% of the move from the pre-market low to the ORH and carved out a tweezer bottom. The seventh 15 min. bar was NR7 and the next bar was a bullish hammer with support from the rising 5 period ema. I entered long on the next bar at $45.00. My target was the ORH. Price rallied up to the 62% Fib retracement level of the morning swing low to the ORH before stalling and printing a red star which was my cue to exit the trade.
Late in the session USNA carved out a perfect C&H base. My experience with C&H patterns that set up EOD is a high failure rate so I didn't put a lot of money to work here. Too bad.
4 comments:
Jamie,
Nice trade and a Briefing PreMkt. I like the last 2 hr 1" chart. Also seed coin. 5"x50ema looks good at 2:220 after b/o some a bunch of them
Thanks BL,
Will keep an eye out for that 2:20 price movement.
Is BL referring to setups at 2:22 ET (1 hr 38 mins til close) or 2:22 CT (38 mins til close)?
Jim,
I think he means 2:22 EST. Check out the daily PP BO on COIN, one of the names he mentioned in his last comment.
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