This Is Why You Should Wait For Multiple Signals
The S&P 500 ($SPX.X) is
struggling to take out the 50-day EMA and 38.2% Fobonacci retracement
level. The index is now forming a long, bearish tail. Â
11:08:33 (from TradersWire)
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Buy |
COGN | buy stop at 42.61 | pullback | 42.46 | 42.80 | 42.52 |
TK |
Cognos Inc (COGN)
announced a better than expected profit, and the stock gapped up at the open as
you can see on the 5-minute chart below. Instead of buying it right away, I
decided to wait for a pullback.
At 11:00 AM, I noticed COGN was giving me multiple buy signals. It bounced off
the 240-period EMA and 61.8% retracement level. Notice COGN formed a bullish
tail. Another favorable condition I found was a positive stochastic divergence.
I placed a buy stop at 42.61.
11:15:15 (from TradersWire)
Follow up on COGN
It has hit our target. Sell half and move stop to breakeven.
T.Kamada
If you have questions, feel free to
mail them to me.