I think the RIMM trade is self explanatory. If you're not familiar with the power of NR7, read this post from last week.
JPM breached the top of it's steep upwards channel on Friday. Today, it carved out a higher high with negative divergence of the RSI, so I put in a buy stop order on break of blue line. I'm keeping this on the focus list - looking for a correction back to lower channel line.
5 comments:
You stole my trade :-)
Jim,
Reading the blogs, it looks like RIMM was the trade of the day.
Yes. With the low volume, NR action in the broad market, the RIMM action got a lot of attention.
Jamie,
You mentioned about Trade-Ideas NR7 scanner in your NR7 post. Do TI scan for every NR7 on the WL or only actionable NR7 occurring after an impulsive move? I used a simple NR7 alert in my Trade-Station platform today and there were more than 2-3 alerts in every stock on my WL.
Day Tradr,
Lots of alerts in TI too. TI numbers the NR7 bars if they are consecutive.
Today was difficult in that selling was across the board with little or no gap, so straight down. Stocks printing NR7 were less likely to be trending with the market.
Also try the scan with gaps.
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