Here’s Why Momentum Traders Like Bull Flags
Google (GOOG) gapped up above
the December 15 high (180.69) on extremely heavy volume at the open.
As you know, so often the initial strength disappears within 15 minutes, so I
have decided to wait for a pullback.
09:54:05 (From TradersWire)
| Action | Symbol | Order Type | Setup | Stop | Current Price |
| Buy | GOOG | Stop at 185.03 | Flag | 184.44 | 184.75 |
 The issue did not give us much of a pullback. It meant
buyers were very aggressive. It formed a bull flag at its intraday high and
broke out shortly before 10:00 AM. Notice, heavy volume. It confirmed this
breakout was for real. Around 11:00 AM, we cashed in nearly two points of
profit.
11:09:01
Follow up on GOOG Â
It hit our raised stop. We locked in almost two points. Â
Have a nice afternoon session!
If you have questions, feel free to mail them to me.