Short Sale Home Run
On doctor’s orders, try using the Slim
Jim pattern as a reversal pattern if you want your trading account to
flourish. It’s just another way to trade this powerful pattern. Quite often
though, traders forget that more than being just a continuation pattern, it
represents a contraction of volatility, and not necessarily direction. When
price movement decides to move outside the elongated price consolidation
pattern, well in this case….. “watch out below !!!”
11:39:47
Intraday Setup Alert
Lincare (LNCR)
is trading in a Slim Jim at the 50% retracement of the intraday range. LNCR
is trading at 30.02, down 1.63.
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They got it to look
half way respectable, but Uncle Brice
wasn’t fooled by the counter-trend rally. He saw the Slim Jim formation as an
opportunity to gain a solid short entry in a stock with a well defined pattern
known for making explosive moves. We can see what happened next, Lincare breaks
the consolidation, and once again gives evidence as to why the Slim Jim is Kevin
Haggerty’s favorite pattern, and why LNCR is in desperate need of some
respiratory therapy.