As the markets consolidate it's best to stick with the tried and true. Today's attempt at a rally was lame with few good trading opps unless you're buying support and selling resistance.CNQ formed a perfect C&H pattern after carving out a triple bottom. The target 100% extension was met and slightly exceeded. I was hopeful for a gap fill, but it didn't happen.
GOOG fell out of a 3 pivot point base for a fast move to the next round $ number.
4 comments:
This is very interesting. I always look for the handle to form at the highest point of the cup (in this case $74.13). But did not realize one could be "more flexible" with this part of the pattern (the handle). Thank you.
Hey Jamie,
For a stock you don't actively trade (GOOG), that was a very nice exit. Congrats!
Thanks Jim,
Did not want to hold beyond the next round number because it was trading against the overall market.
Anarco,
I usually like my handles to line up with a base. In the case of CNQ it lined up with yesterday's 15 min. ORL and the failed C&H pattern (also yesterday). I'm watching this stock everyday now as oil approaches $100.00
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