Don’t Write Off ‘Missed Opportunities’
Seriously, it’s never
easy–especially when the market is perched at mighty precarious levels after a
multi-week rally. Personally, in this type of environment, I still
look for the classic breakout plays–but I tend to keep a much tighter leash,
as it truly becomes a ‘show me’ type of market. I also tend to focus on more
‘reversal type’ plays such as 123s or lower level basing patterns on the daily.
In all honesty, I knew about TRCI before it
exploded in yesterday’s trade–but between my stance as ‘cautious bull’, and
just not being totally on top of the situation as it happened, it was a missed
opportunity….but, that doesn’t mean I totally wrote the stock off, either.
10:52:40
Intraday Setup Alert
Technology Research (TRCI),
one of yesterday’s stronger issues with its high volume weekly breakout has
pulled back into a potential reversal pattern against some Fib supports. TRCI is
putting in a
1,2,3 formation as it pulls back on lighter volume into two fib supports
using the 30-minute extended chart.
Yesterday produced one solid breakout, but today produced a
different type of long entry that could be defined as a classic. The 123 setup
in Technology Research Services
(
TRCI |
Quote |
Chart |
News |
PowerRating) might not have been as big of
a play, but for what it was–I think it could still be labeled a
high-probability classic.