ravivulli
Long

Breaking the Channel

NYSE:PF   PINNACLE FOODS INC
33 5 1
Breaking the Channel, Enter for long,
Might be a false breakout..
You should wait until it bounces on the upper trend line, making a new low, and only then enter for a long. not a second before that.
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I agree. we should wait for a new low for confirmation, but not always it makes a new low before it takes off. More over other Indicators like Volume, MFI showing strength so I thought it might be a good time. Yesterday's down move was on a low volume, so I am hoping it to recover soon when the Index starts moving upside.
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That was a good call. Luckily I had lot of shorts. Thanks.
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Eran_7 ravivulli
Glad to hear that. Discipline is the only way to succeed in the market world.
Cheers and good luck!
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Yes, Agreed.
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