Delta Airlines - Long on retracement

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A few weeks ago I made a stupid mistake by buying Delta right at the top. After examening my mistake I realised that Delta should be bought on corrections, as it always retraces to previous resistance levels. When close to support (ex resistance), and close to the EMA wave, I watched for patterns that signal the correction is over. As labeled on the chart, there were candle stick patterns and double bottoms. Right now the price is 33.71$ after a gap up, after an idencision day at support and at the EMAs. Allthough I do not know where Delta is going, as you never know, I call today as a good level to go long, with a stop under the previous doji at 31.92.

Im sorry for the lack of details, I have drawn the chart on a rush.
Time to exit
I've been eyeballing DAL for a short because I feel that the rally has gone on far too long based on the performance of other airline stocks. I think it is stuck in a momentum rally only and at some point investors will realize that DAL is overvalued relative to the group (JBLU cheap, for example). So, if you get stopped out of the long position, consider a short position. All the best, Tim
Hello Tim, I do not like shorting strong stocks, as long as the trend is up I want to go with the trend. I haven't compared Delta to its competitors until now, but I like to compare it with the Dow, and I have to say, its strength is unbelieveable. Take a look at the Dow's corrections and look how little Delta was affected by them. I would be comfortable with a short at 36$, if (and only if) I will spot a divergence on the MACD.
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