Here’s How To Keep Your Eyes On The ‘Prize’
Sometimes I like to think of the
expression, “It’s too easy”, as being able to stay out of trouble if
you apply the rules consistently. In my never-ending hunt for reversal
setups, there are going to be those days where the trades don’t trigger if you
play by the rules, or you end up taking the small lumps, as the high-probability
trade turns further into extended territories.
Down 3 points can turn into down 5 points, as
sometimes a trend day lower becomes more oversold. Once in a while, I’ll be able
to take advantage of this type of stock, but more likely than not, I’ll be
waiting patiently on the sidelines monitoring for the next awareness zone and
price-pattern setup to try for a reversal play. I think Austin Powers said it
best with the line, “That’s not my bag, baby.”
With my emphasis on 1,2,3s, triangles, and
Slim Jim patterns as they form in awareness zones consisting of various
technical supports, I know that soon enough, I’ll be saying once again,
“Yeah baby, yeah!!!”
Cree, Inc.
(
CREE |
Quote |
Chart |
News |
PowerRating) was a very popular name in
today’s trade, especially for those that got short on pullbacks, or hopped on
board early. For myself, all I can say is, “No harm, no foul,” as we
continue to look for “our” high-probability reversals.
First, there was a failed reversal off a TrapDoor
in an area of technical support that was pointed out in TMs
Chat room. Proper entries might have resulted in a small gain, scratch, or a
small loss depending on a person’s trade-management style.
Apollo “CREE” going down, and next
potential floor.
11:06:18
Intraday
Setup Alert
Cree Inc. (CREE)
is down over 3.75 at 18.39. The stock is the subject of securities fraud
allegations in today’s news. Between 17.60 – 18.10 is a technical awareness
comprised of technical price supports and a 50% Fibonacci retracement level.
Lows formed in this price zone are setting up for a potential 1,2,3 reversal
entry, as the 1 and 2 points are currently established.
The next post that went out on the TMs LiveAlerts
didn’t trigger as the Cree was getting KO’d below the mat. All we can do now
is wait for our favorite contender to rally back up off the mat, and take entry
when our long-term favorite hero regains his proper form and prior glory.