POT formed a bearish rising wedge. Price breaks out of wedge on rising volume with 4 consecutive lower closes. It looks like a flag pole. Price consolidates on lower volume = flag. Short the flag for sweet ride.
The
NQ trade
EOD is my "Kill or Be Killed" setup. How does it work? The markets have been grinding higher all day, but I'm just not feeling bullish about it because volume never really ramped up. I see what appears to be a topping pattern, in this case a H&S top. I short early and set a stop 1 point above the high of the day. This one tested my patience because it retested the top of my head. I took a partial at the base of the pattern because I still had to wait for the right shoulder to form and the suspense was going to be too much. When the pattern finally completed, it was a nice rip lower.
MANT was my
gapper trade from the scanner. A few decent sprints up but no extension.
POT formed a bearish rising wedge. Price breaks out of wedge on rising volume with 4 consecutive lower closes. It looks like a flag pole. Price consolidates on lower volume = flag. Short the flag for sweet ride.
The NQ trade EOD is my "Kill or Be Killed" setup. How does it work? The markets have been grinding higher all day, but I'm just not feeling bullish about it because volume never really ramped up. I see what appears to be a topping pattern, in this case a H&S top. I short early and set a stop 1 point above the high of the day. This one tested my patience because it retested the top of my head. I took a partial at the base of the pattern because I still had to wait for the right shoulder to form and the suspense was going to be too much. When the pattern finally completed, it was a nice rip lower.
MANT was my gapper trade from the scanner. A few decent sprints up but no extension.
3 comments:
Nice job stalking that wedge in POT, and having the patience to wait for a low risk entry, and the confidence to enter after it'd already dropped a point.
Very impressive.
Thanks John,
Pure potash names POT and IPI got hit hard. Could be follow up trade tomorrow if they retrace some of today's losses.
Nice trade with the WL all the ferts dropped. Financials faded at the open. Dang
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