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Home » This Is One Way To Use A Mini Double Bottom In Your Trading

This Is One Way To Use A Mini Double Bottom In Your Trading

April 22, 2005 by Tsutae Kamada

Merrill Lynch (MER)
formed a bullish tail
yesterday and looked ready for a minor recovery
rally. Also notice the 14-period RSI was showing a positive divergence.

(Charts courtesy of QCharts)

11:01:02 (from TradersWire)


Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Buy

MERbuy stop at 53.63pullback53.4853.9053.59

TK

Now, let’s look at the 5-minute
chart from this morning. MER hit 53.99 shortly after 10:15 and began to pull
back. As you can see, it formed a mini double bottom just above the 61.8%
retracement level. Take a look at the second bottom. MER shaped a doji bar
(open=close). It was a potential reversal situation. I placed a buy stop at
53.63.

11:19:48 (from TradersWire)

Follow up on MER (Pt 3)

It has hit our target. Sell the rest or re-adjust your stop.

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

Filed Under: Commentary, Recent

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