This Is Why You Should Pay Attention To The Previous Price Bars

I liked the way Home
Depot (HD) closed yesterday.
Look at the daily chart below. It formed
a nice long tail just above its 200-day SMA.

10:16:24 (from TradersWire)


Action

Symbol

Order Type

Setup

Stop

 Target

Current Price

Posted By

Buy

HD buy stop at 39.87 slim jim 39.74 40.10 39.85

TK

After taking out yesterday’s high,
Home Depot began to form a Slim Jim (a tight trading range) at the
day’s high. As I pointed out above, the issue was poised for a minor rally. I
placed a buy stop just above the upper boundary of the range.

11:01:12


Follow up on HD (Pt 2)

It has hit our target. Sell the rest or move stop to 40.

T.Kamada

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