This Is One Way To Combine Retracement Levels And Trendlines

The market is trapped in
a narrow trading range, but it is
moving inside of a rising channel
as you can see on the 10-minute chart of the S&P 500
Index
. Currently the index is at 1190.89, up 2.82.

09:48:12 (From TradersWire)



Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Buy

MRVL buy stop at 35.86
Pullback
35.71 36 35.76

TK

MRVL
opened slightly below yesterday’s close, but it quickly reversed to the upside.
After hitting 36.17, the issue began to pull back. As you can see below, the
stock never violated the 50% retracement level (yesterday’s low – today’s high).
It also formed a declining trendline. It could try to break above, so I decided
to place a buy stop at 35.86.

09:54:23

Follow up on MRVL

It has reached our target. Sell half and move stop to breakeven.

(1-minute chart)

T.Kamada

If you have questions, feel free to
mail
them to me.