QLYX has broken out (barely) only experience a throwback..
There is usually a high short percent on this one. It is like they pick some stocks to routinely short and this is one, I am beginning to see why now as QLYS is down quite a bit today. CHKP is another in this sector they like to short. You can see the R this stock is fighting at the top of the cup..lots of tall upper wicks where bulls are trying to push price up while bears push it back down..I guess they are having fun..dunno (o: Long entry at break out level or above are pattern rules. I know some who enter with a break from the handle.
Targets calculated using the depth of the cup which is 38.57
NV and OBV are high showing interest in QLYS. Stops are usually placed under the HL or MC/Mid cup..
Not a recommendation/just an observation
If I wanted this stock, and I do not know yet, I would break my rules and buy at the HL. Not supposed to break my rules so just watching for now. I can not say I may not buy it if it reaches close to 111..
Practice helps us improve even if we do not do a transaction that day, just watch and learn. I do believe looking at charts over and over helps us improve. We start to see things we had not noticed before..important things. Practice helps us improve.
I would rather be kicked by someone who practiced a thousand kicks once each, than by someone who practiced 1 kick 1000 times (o:
@TheSignalyst, I do not like throwbacks, but very often a security recovers from them. Just something to be aware of. Pull backs are good. Throwbacks are not always good. But biotech loves throwbacks and they usually recover in this market..ie CRSP had a few of them before blasting off
stalva989
⋅
This is good insight. Looking at RSI on daily chart and it looks bullish when referenced from cup edge to cup edge... to me, an extremely novice trader, that looks like a really good signal. Do you trade the cup&handle frequently? Is it common for RSI pattern to have bullish highs across the cup?
Also- I love your kicking analogy. I started Taekwondo training last week... you are spot on, trust me you do not want to be kicked by someone who has practiced that kick 1000x LOL. Happy Trading to you.
lauralea
⋅
@stalva989, lol. And yes I like the cup and handle pattern. RSI for me is a guide and I have noticed it can be pointing up one day and down the next. I mostly use it for overbought and oversold levels verses a true trade signal but I keep it on 80 and 30 in a bull market.