Slimming Up
Slim Jims are excellent patterns for daytraders. Easy to recognize and often
powerful, they provide a low-risk entry into a stock that is winding up and will
often explode. This morning Expedia
(
EXPE |
Quote |
Chart |
News |
PowerRating) provided an excellent example.
Â
11:22:02
Intraday Setup Alert
Expedia (EXPE)
is trading in a
Slim Jim at the intraday high. EXPE is up 6.54 to 77.29.
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The stock does not give a good entry on the open, as the gap to
the upside is large. However, once it consolidates into the pattern, you can
play the breakout in either direction. It could keep going if the momentum
sustains itself, or it may leak back into the gap from its open.
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When the stock breaks out to the upside and runs, traders are
able to capitalize on the move. When Kevin Haggerty tells me that if he could
only trade one pattern for the rest of his life, it would be Slim Jims, that tells
me all I need to know.
Until tomorrow,
Duke