Hi Maria
I know your question wasn't direct at me but I'll share a stock that we were discussing last week I believe..
The chart below is from a company called GGG and is daily. The chart shows a couple of possible entry and trades depending on when you started to watch it. Ive drawn a trnedline of the downward channel, which depending on your risk reward profiles would allow for an entry upon breaking it and sell or at least very close watching at the first resistance level. That would have meant an entry around 8c and a sell at 10c. If you were watching even before the break there was a trade to be had upon the second test of the bottom resistance level from around 7.7c to about 10c.
Unfortunately I mossed all as I wasn't watching this stock then. It came to my attention because of a scan I run which shows me pocket pivots. Ive highlighted that point in time. Specifically I was actually expecting it to be pushed back down to 8c but that wasn't happening. It was actually holding and someone was accumulating. Broker data for that week at about 10c also showed that it was being accumulated and actually capped and sold down when it hit 10.5c. Therefore I was comfortable to place a buy at 10c and wait. Stop loss was about 9.8/9.7 depending on Volume. That never happened, I think it did touch 9.9c or something. Then looking at the chart it was clear that the first target was 12/12.5. So I place my sell at that level. Once it hit it was a case of watching to see what would happen and you can see it broke down again quickly. So again back to support at 10c where the buying continued. Again the sell at 12c. Since the last 12c Im waiting for it to hit the 10c again. There is a small possibility that it will bounce of the second trend line and make a higher low before heading north but I consider it less likely than 10c again because of that last red candle. The question then arrises will it breakdown this time or will it go for a triple top???? I haven't checked the broker data to see if they have sold or are still holding yet. If they're still holding I expect it to hold the 10c.
Hope that helps
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- Weekend Charting 28th July - 30th July 2017
Hi Maria I know your question wasn't direct at me but I'll share...
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