The first chart is the daily time frame for AMGN EOD yesterday. The main take away here is that AMGN breached the daily pivot intraday yesterday, but managed to close on it.
The second chart is daily after today's session. AMGN reported earnings AH and price is basing near the upper daily pivot heading into tomorrow.
The next chart is the 5 min. time frame for AMGN. It gapped down on the open and retested yesterday's lows carving out a tweezer-like bottom, before reversing and setting up a low risk, dummy entry at the base of the daily pivot (blue line). Price made a vertical move to R1 where I took a partial. My next target was R2, but I settled just under $46.00 because that was feeling like a top.
4 comments:
Jamie, AMGN looks like its forming a C&H, is it?
YR
Sorry, another point. With the markets flushed out and closing very strongly on Wed, would you recommend getting long early into a trade using a shorter time frame as there is likely to be follow through? I realised that most moves to the upside were made early in the session today and then consolidating and not much opportunity.
YR
YR,
C&H fully extended after hours on earnings.
YR,
IMO, lots of stocks are running into resistance from downsloping MAs, gaps and former support which is now resistance on the daily timeframe. Important to check the daily timeframe to establish the potential for upside on the day trade. Try not to rush the setup. Wait for the ideal dummy setup.
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