Making The Daily Chart Decision
I try to key off
multiple time frames whenever possible, but when there’s enough overriding
evidence on the daily to confirm a swing trade–it might be time to
cut back on one’s position size in order to capitalize on a high-probability
move that goes beyond the intraday zigs and zags.
10:34:55
Daily/Intraday Setup Alert
IBM (IBM)
is retesting session and the prior day’s lows–off .26 at 89.25. This action
has the stock breaking trendline support from its pullback from lows on the
daily, as well as key MA support.
With the return to the neckline move also
confirming technical resistance in IBM, within a massive Head & Shoulders
topping pattern, a position stop of slightly more than 3% doesn’t sound like a
bad idea to get past the intraday zigs and zags–and into a high-probability
trade.
Chris Tyler