I was focused on stocks gapping down so I missed this setup on GRMN. Hope some of you got involved. Just wanted to post this chart so I can have it for future reference.
JASO was a failed bear flag pattern. Price breaks out and then flattens out due to lack of volume and prints a couple of hammers so I exited. That was a good thing, otherwise I would have been stopped out as it took off on a momo move to the upside.The bull flag near EOD moved like a flag pattern should.
After a period of very low volume, ACI moved above all three MAs and I felt like it would at least test the PP (first blue line). It did considerably more than that and by late in the session, it was testing last week's highs.
12 comments:
I too watched GRMN today and was wondering if it's more profitable to short the gappers that can't hold the 20EMA on the 5 min chart. Lately there are a lot that break down like GRMN did today.
GRMN fell on negative tones from the conference call, I nailed it a few times today.
I had GRMN on my screen and in my Excel spreadsheet for position sizing but it broke out so fast I missed it. I liked how fast it filled the morning gap on huge volume and all those NRIBs on declining volume. In retrospect I could have entered right after the NR7 sixth bar.
Congrats Glenn! I see you're # 1 in the VO.
Jeff, as Rick points out, the NRIB NR7 6/15 bar was the trigger bar. If you look at the 5 min. at the same spot, you'll see that all three MAs (5, 20, 50) are converging over price. Break of the 5 min. 11:00 bar would have been perfect.
I was following GRMN early in the session but unfortunately got distracted with other potential trades. But I am glad somebody got it. Congrats Glenn!
Cheers,
Jamie,
AKS. Several possible entries. Which is preferred in your view?
-long on break of yesterday's last bar on 15min (hammer) high. Hammer just sitting above 5EMA
OR
-break of 2/15 (49.34)
OR
-break of 49.25 (see 5min)
OR
-break of yesterday's high?
Thanks,
YR
YR,
AKS is a daily PP setup around $49.00, so I would select break of 2/15 as this is just above the PP.
BTW, did you trade this?
Unfortunately not. BUt its in my watchlist for swing as it broke out of inverted H&S the day before with good volume. Steel stocks are on hot, look at STLD as well
Btw, I don't see a daily PP at $49, but I see one at $50. Which days do you see the PP?
YR
YR,
Dec 10 and Feb 1
Adding 6 top premkt volumes >$10 to The Knight Trader's 7 Stocks to watch: grmn stp rig kfn crox rig bhp solf t solf sina trak jbx... not a bad mix. Trade GRMN for good quality coffee. BUT brokers reversed big time at the open: leh pjc.
the angle is too steep for me to call that one a bear flag. i like 'em kinda flat with limited price movement 9uup) compared to the last PB.
QQQBallz
Good point QQQBall, I'll keep that in mind on the next flag setup.
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