How To Prepare For A Reversal Trade
During the course of the
trading day there’s always plenty of time to make this ‘cautious bull’ look
plenty ‘dum’—but, sometimes without the aid of my morning brew, I’m
already focused on opportunities that I found from burning the midnight oil.
08:57:00
Premarket Setup
Amazon (AMZN)
is a member of TM’s
Daytraders Report. With the issue trading off about .30 at 44.60, AMZN is
setting up as a possible extended intraday
1,2,3 low on the 5-minute chart. The pattern lows established thus far, fall
within a daily chart technical zone of support between 43.70 – 45.38. This area
is comprised of both 200-Day MAs and multiple Fibonacci and projection analysis.
It definitely wasn’t ‘easy’, and it wasn’t
typical–but it is nice to see that once in a while, the early bird does
indeed get the worm.