FWLT formed a C&H base & break pattern at yesterday's pre-vote support. Former support = resistance until price breaks out. I extended my Fibs from the ORL to the base and my target was a measured move of 100%. The base formed over several hours and once it broke out, it printed five successive green bars, hitting the target on the fifth bar.
JOYG was a similar setup, but the BO stalled at the down sloping 50 SMA so I took half off. After retesting the base, price extended to the target but volume was not as strong as FWLT.
QCOM was B&B, followed by a retest and a 1 pt. move into the close.
After losing support during yesterday's crash, SQNM, setup another low risk entry at the base.
2 comments:
Jamie,
Great trades. I especially like the FWLT trade. I saw that after the fact and am glad you were able to take it.
Tyler
Thanks Tyler,
I stuck to the usual suspects list today. It was easy to see that many names were basing at their pre-vote support levels. It was just a matter of time before they would BO or roll over.
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