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.  

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.