We could hypothesize that the correction to the previous propulsive wave has been realized with a corrective wave of the "flat" type, which seems to have expressed its end resting on the support at 210 $. Signal of probable beginning of the propulsive wave given by the value of the RSI dropped to 20.
This idea came across my scanner last week. I never got into the trade... And probably wont as I just wont get a entry with much tolerance to downside.
Bullish above RSI 69.1 and RSI Uniformity line. use Uniformity line as a sell signal
Personal note: Idea from "alternative 2" scan
After publishing a chart on KSS for its favorable fundamental situation with the stock oversold and expectations low, I decided to find another stock where the valuation looked high with it technically overbought and running into a wall of overhead resistance.
I found this condition in BDX, a manufacturer of medical devices, many of them disposable.
Hi Fellow Risk Takers,
I did a Webinar, hosted by Maria from Exante, on The Anatomy of Trading Breakouts (Link in Reference Section).
We discussed about the Characteristics of Price Breakouts, followed by building a Trading Plan, using US Equity BDX as an example.
This is the BDX Example in writing.
For each Price Chart, I'd go through 5 Steps, to judge the...