This Is One Way To Combine A Moving Average And An Inside Bar
ImClone Systems (IMCL)
started the day with a bullish wide range bar on strong volume.
Shortly after 9:40, the stock attempted to take out last Friday’s high, but it
was too tough to overcome.
10:12:15 (from TradersWire)
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Buy |
IMCL | buy stop at 34.16 | pullback | 34.01 | 34.35 | 34.14 |
TK |
This is one of daytraders’ favorite strategies.
IMCL pulled back to its 20-period EMA and formed an inside bar. As you know, an
inside bar so often signals a potential directional change. Notice this level
was also coinciding with the 50% retracement level (last Friday’s low – today’s
high). I placed a buy stop just above the inside bar.
10:26:36
Follow up on IMCL (Pt 2)
It has hit our target.
Feel free to mail me your
questions.
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