Here’s Why You Can’t Argue With Kevin’s Favorite Pattern
Kevin Haggerty says that if he could only
trade one pattern it would be the Slim
Jim. The pattern has many shapes and sizes, but the one trait that
“consolidates” these patterns in terms of power, is the amount of time
it takes to form. When you’re alerted to an extended Slim Jim it’s definitely
a stock to keep an eye on, as the potential for a large move is even greater.
10:05:59
Intraday
Setup Alert
Newmont Mining (NEM)
is extending its Slim
Jim from yesterday’s session. NEM is up 0.19 at 27.69.
We were able to alert you early to the high
probability pattern, with that extra special characteristic of duration in its
favor, as it continued to gather steam from yesterday’s session. Sure enough
interest picked up in the form of volume as the pattern broke through
resistance. Then a little twist was added to the original Slim Jim. NEM ends up
forming a Slim Jim on top of the existing pattern. No need to bail on our longs
as volume confirmed our entry, and now a classic case of resistance becoming
support with diminishing volume further confirmed our position. Eventually, our
patience was rewarded, as the duration of the patterns more than makes up for
the time spent in the setup, by delivering a very nice move up. Volume picks up
dramatically out of the second Slim as the institutions take over, and once
again the power of the pattern prevails.
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