Back To Basics
Pullbacks within trends are a good way for new traders to get in the game.
The pattern is easily definable; entry and stops are simple; and with the trend
working in your favor, the odds of a successful trade are improved.
10-22-2002
15:45:58
Stryker (SYK)
is pulling back after a run to the upside. SYK is down 0.43 to 62.59 and
carries a
3-month
relative strength rank of 93 from TradingMarkets.com.
When looking for trades like this, make sure you wait for the
stock to trade above the prior high before putting on a position, and a good
guideline is to have a pullback for three to seven bars. Anything more than that
and the strong trend may be over.
Have a great weekend!