Here’s One Way To Trade The Trend
My preference for trade setups usually
lies in reversal trades. Maybe it’s the way that I’m “wired” in seeing
things, or maybe my background as an options market maker also plays a part in
how I like to trade. So, when I see a continuation play, it has to have enough
background evidence to make the case for an entry. For me, this means pattern,
key technical evidence, and a well-defined level for stop losses, within the
context of my risk parameters.
12:33:24
Intraday
Setup Alert
OmniVision Technologies (OVTI)
has established an intraday ascending triangle.
The stock maintains a 3
Month RS of 94, and with today’s trade has notched a fresh 52-Week High.
Triggers for long continuation plays are set above 27.53 with the stock
currently up 1.27 at 27.46.
With a setup like this, and well-defined entry
within the already established trend, maybe I’ll rethink that old adage, “the
trend is your friend,” and keep my eyes open to more opportunities like
this one.