Here’s One Way To Use 1-Minute Charts In Your Trading
BJ’s Wholesale (BJ)
reported its first quarter earning of 25 cents a share, one cent
better than the Reuters Estimates. The stock gapped up above its 50-day EMA and
opened the day just below the May 5 high.
09:50:55 (from TradersWire)
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Buy |
BJ | buy stop at 29.51 | pullback | 29.39 | 29.75 | 29.45 |
TK |
Let’s look at the 1-minute chart
below. Sellers moved in right at the open, and BJ began to pull back. At 9:39,
it tried to rally out of this pullback, but failed to take out 29.50. The stock
resumed its decline and found a support at its 8-period EMA. BJ started to move
up slowly with the 8-period EMA. I decided to place a buy at 29.51.
10:02:37
Follow up on BJ
Sell half to take a 12-cent gain. Move stop to breakeven.
Feel free to mail me your
questions.
Â