This Is Why You Should Watch Short Time Frame Charts
Short-term trend changes
more frequently than long-term trend of stocks. It is not always
true, but directional changes on the daily chart eventually affects the weekly
chart.
09:48:11
(From TradersWire)
Audible Inc (ADBL)
has gapped above yesterday’s high and looks ready to resume its uptrend. Long
ADBL if it trades above 29.22. The initial target is 30.63. Risk 0.5. ADBL is at
29.10, up 0.72.
ADBL tested its 8-day EMA successfully yesterday and closed near the day’s high.
Naturally we were looking for a resumption of the uptrend.
Was there another way to buy the stock before taking out the intraday high
(29.22)? We could utilize the 1-minute chart. The stock successfully
tested the 50% Fib level (blue line) and 8-period EMA. We could have bought it
around 28.90.
Anyway, in either case, we could manage to take a partial profit shortly after
10:00.
10:07:20
Follow up on the 9:48 story (ADBL)
The stock has covered our initial risk. Take a partial profit and raise stop to
breakeven. ADBL is up 1.42 at 29.80.
Have a nice afternoon session!
If you have questions, feel free to mail them to me.  Â