Shorting This Was As Easy As A-B-C
Today’s article was written by Chris Tyler
If only everything was as simple as doing our
A,B,C’s. When we keep our trading simple, many times its just as easy as
doing just that. By staying focused on stocks exhibiting relative weakness or
relative strength you increase your chances of success with each trade. One way
to keep things simple is start each day with TM’s
Nightly
Daytrader’s Report . This is a
consolidated list of stocks fitting those characteristics with price and pattern
from previous days trade suggesting a continuation of trend. Amerisourcebergen
(
ABC |
Quote |
Chart |
News |
PowerRating) was one such stock from last nights list. When a member of this
list comes to the attention of our team on the TradersWire during the trading
session, it’s alerting you to, potentially, to an even better trade
opportunity.Â
Amerisourcebergen
(
ABC |
Quote |
Chart |
News |
PowerRating) was first
posted as it initially took out daily chart supports on two wide range bars down
in the first minutes of trading. The volatility was intense during the first 30
minutes of trade, but had you kept an eye out for a proper setup and an update
from our market analysts; here’s what happened next:
10:40:23
Intraday
Update
Amerisourcebergen (ABC)
is forming a low level lateral consolidation and appears poised to to test
it’s daily lows. The stock is now off 2.90 at 51.40.
Â
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After the second post of ABC’s technical
situation on TradersWire, the stock proceeded to break down through the lateral
consolidation. From the time we “spelled out” the weakening condition
in Amerisourcebergen, the stock proceeded to fall more than a point.
Chris