Here’s Why We Wait For The Trigger
Even though the strategy was
Kevin’s, the words immortalized by Dave Landry best sum up a trade that
has everything going for it, except for one little thing……”No tickee,
no tradee!!!”
10:08:52
Intraday
Setup Alert
Maxim Integrated (MXIM)
has formed a Kings & Queens Opening
Reversal. Long triggers are above 36.35, with the stock currently trading
down 1.42 at 36.20. Today’s trade has MXIM testing the 38% Fibonacci retracement,
prior pivot lows, and the 50-Day EMA.
From the alert posted and the confirming
intraday price action, we had the makings of an excellent Opening
Reversal in Maxim Integrated Products
(
MXIM |
Quote |
Chart |
News |
PowerRating). The pattern was
setting up in a Kings & Queens version of the classic Trap Door, and it was occurring
off of price supports on the daily chart. The only problem was, that in this
particular case, we didn’t get the finishing touch to establish entry, in what
turned out to be our good fortune, and on to the next high-probability setup
that would trigger.