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
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.Â