Find Patterns Outside The Box
My favorite patterns happen to
be visual
in nature–the type that occur when a stock has
time to carve out a classic formation such as a cup and handle or a double
bottom. But, other patterns are just as qualified that
should not go unnoticed. For instance, when looking at momentum stocks,
acknowledging support at a particular moving average is one possible pattern.
When used in conjunction with other technical evidence, although a classic
pattern might not yet have developed–you might find yourself looking at a trade
with edge nonetheless.
10:22:02
Intraday Setup Alert
STET Hellas (STHLY)
has ‘pulled back’ intraday to test the 8-period ema and price supports on the
5-minute chart. STHLY is up 1.26 at 21.48 on increased, above average trade
after forging fresh 52-week highs out of a daily consolidation.
You won’t find this in Edwards & Magee–but, then again this ain’t your
grandfather’s stock market either.