Medipharm Labs (LABS.TO) Forming Rounded Continuation for Setup
This stock has had an amazing run already, and it is setting up again. The stock has formed a rounded bottom continuation pattern.
I don't have a trade in this one currently, but since it is a rounded bottom I will wait for the next pullback. This has nothing to do with trying to get a better price. Rather, I want to see the pullback stay above the prior consolidation/swing low and then move higher. This helps confirm the price is still in a rounded bottom continuation pattern and likely to head higher.
Also, earnings are due out August 12. No point taking a trade right before. I'd rather wait for earnings and see what kind of setup we get. NO TRADE YET.
Since this stock has been exceptionally strong, I will utilize a trailing stop loss (based on ATR, indicator shown on chart). I utilize the CLOSING price method discussed in this article: vantagepointtrading....-for-exiting-trades/
I don't have a trade in this one currently, but since it is a rounded bottom I will wait for the next pullback. This has nothing to do with trying to get a better price. Rather, I want to see the pullback stay above the prior consolidation/swing low and then move higher. This helps confirm the price is still in a rounded bottom continuation pattern and likely to head higher.
Also, earnings are due out August 12. No point taking a trade right before. I'd rather wait for earnings and see what kind of setup we get. NO TRADE YET.
Since this stock has been exceptionally strong, I will utilize a trailing stop loss (based on ATR, indicator shown on chart). I utilize the CLOSING price method discussed in this article: vantagepointtrading....-for-exiting-trades/
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/