The 15 minute time frame for FWLT looked a little stretched, but when I looked at the 5 and 3, there was a solid base, so I took a low risk entry on the 3 min. following a NRIB. The market was weak this morning so I locked it in when it couldn't hold $78.50.
LEH was another HCPG pick. It set up a near perfect B&B at $35.50. Lower priced stocks often base at the half dollar mark as well as the whole dollar. So I was happy to get a head start on this one. The downgrade by Merrill this morning provided the initial weakness. The S&P ratings cut midday for top brokers, tipped it over the edge and sent it in a free fall.LEH looks very weak and could set up a follow on trade tomorrow.
SU, just a usual suspect in the Oil/Energy complex, set up C&H base. It rallied up to resistance where I took a partial. After that, things felt quite choppy so I exited just below the 75% Fib. extension level.Watch for B&B setups at key support/resistance levels. Notice how SU sets up a second base at the same level as the earlier C&H base, late in the session.
IMCL was a gap down play which took a long time to develop, after which it started to give me trouble. Following the BO bar, it carved out a hammer so I took half off. It rallied back to the base and reversed back down. And just when I thought it would go in earnest, it didn't. Waste of time.
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