Taking Action In The Here And Now
You can do all the research
you want and come in with a laundry list of sorts that has triggers for stocks
based on closing prices–but the reality
of the situation is that you have to be prepared to trade what the market offers
you. Sometimes a stock might actually be so kind as to trigger out of our ideal
buy point, but quite often the circumstances change drastically overnight–and
as a trader you have to remain willing to adjust to the ‘what is’ of the market,
and not the ‘what was.’
I was for once, in a long while–an actual raging
bull coming in to today’s trade. After doing my research for TMs
Intermediate-Term Report. I was amazed at how quickly growth stocks were
‘lining up’, and how many other issues looked primed to continue higher out of
reversal patterns. One of the latter issues that was on my personal laundry list
of momentum reversal plays was Netease.com
(
NTES |
Quote |
Chart |
News |
PowerRating). Unfortunately, my
ideal buy point was bypassed as trading got underway, as the broader market was
also feeling very bullish in the early going. So what was I supposed to do, just
call it a day, and look for something that hadn’t triggered? If the gap had been
extreme, and well beyond my buy point, quite possibly. But, the gap was actually
setting the stock up just beyond what I thought was my ideal, so it was time to
look at the intraday chart for a continuation/momentum pattern to set up.
09:45:56
Intraday Setup Alert
Netease.com (NTES)
has gapped above daily chart pivot and MA resistance. With the stock up .75
at 49.18, triggers thru the 15-minute consolidation highs are set above 49.21.
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Nice action…from the ‘ideal to the very real’ in the here and now of what
is still working.
Chris Tyler