Doing The Two-Step
Simple pullbacks are probably the easiest pattern for new traders to learn, as they take place every
session and the entry is clearly defined. However, a more
complex version is often a good play, after shaking out some of the scared
money.
09:45:30
Intraday Setup Alert
Broadcom (BRCM)
is beginning to pull back from its high on the five-minute chart. BRCM is now
up 0.87 to 40.62.
In the case of Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating), a two-step pullback takes place
following the alert, with a first false rally, then a move of more than 1 point
higher over the next few minutes. Keep monitoring stocks with good intraday
relative strength for a second entry, if the first move fails and stops you out.
Until tomorrow,