-Parabolic trend -Tight 3 week pennant continuation -Wide spread between 50 and 200 daily SMA indicates strong trend -Daily Bollinger band contraction with price sitting on 20 day median moving average -Good volume on fridays close -BATS Exchange issue sitting just off ATH above $100
30 basis points planned, will buy intraday break of pennant
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Buy stop order @ 13.70 SL @ 13.47 TP @ 14.70
Trade active
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Order filled
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I am happy with this close even though I bought the daily high
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New ATH for the BATS Exchange issue overnight
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A nice gap up today
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Stop moved 13.59
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Stop at entry @ 13.70
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3 day trailing stop rule in effect at 14.44
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Trend still looks healthy on BATS exchange issue with a 12 day congestion surpassed on good volume into all time highs on a friday close. For these reasons, I have elected to pull my take profit order and trail my stop at the low of the day as they close (Last Day Rule)
@miltonmoney, I cannot see it on the weekly or daily (perhaps daily if the handle is to form after meeting 0.645)
If anything, I see stopping volume on weekly (my humble opinion)
miltonmoney
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always find it hard on exspensive stocks too make good money, unless you put a big buy in..depends what instrument you use..good observation on chart..
TomKirk
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@miltonmoney, I like to look for tight congestion patterns and make aggressive entries with tight stops. When risk is sized relative to stop level, can have some pretty large positions with a comfortable amount of risk.
Its "buy high, sell higher" when a stock goes parabolic:)
nfury8
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Nice call, good eye bruv
TomKirk
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@nfury8, Thank you, grateful for this trade paying for my terrible week last week haha
TomKirk
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@Justinwjolly, *Week before, i.e. USDRUB haha
nfury8
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careful, rmd bats putting in a tweezer top, rounding out
TomKirk
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@nfury8, You're right. I got my stop at entry so have a bit of a buffer.