This Is How ‘Mr. Slim’ Stays In Shape
Too often, a stock that is
selected overnight will end up voiding or negating the closing setup that made
it so interesting in the first place. Sometimes
the stock gaps in the intended direction, while other times it does a complete
headfake, with an early contra move. Of course these situations might present
opportunities in of themselves, albeit at different levels out of their own
classic intraday patterns. But for me personally, one of the most exciting types
of trades (IMHO) is when a stock adheres to the original analysis within an
‘extended chart’ setup.
10:21:37
Intraday
Setup Alert
From the Nightly Daytraders
Report,Pacific Internet (PCNTF)
has formed an extended intraday Slim
Jim after clearing the 20 and 50-Day EMAs. PCNTF will trigger above pattern
resistance at 8.47, as it trades within a daily Cup & Handle pattern. PCNTF
is up .14 at 8.44.
When I see a closing pattern from
the evening before ‘still conforming’, and it turns out to be our ol’ friend Mr.
Slim… well, even though it might be ‘a little bit outside of itself’, such as
today’s Slim Jim out of the triangle, I can’t help but think, “It’s Too
Easy.”
Chris Tyler