Two Textbook Entries
The Qs have again been trading
in a fairly tight range this morning, yet
have already provided two textbook low-risk intraday entries. Specifically,
entering long on the gap-down pullback toward hourly uptrend support using a
smaller-interval trend-reversal trigger provided a beautiful bounce of up to
$0.25 from the low-risk trigger, while entering or reversing into a short on the
13-minute resistance provided a smaller clip.
As we approach midday, the Qs have a potential
head-and-shoulders pattern emerging with the right shoulder braced by the
current 13-minute downtrend support. As was the case yesterday, which side of
the key 13-minute 15-MA we trade on into the afternoon will likely be key in
guiding the Q’s next sequence.
Tuesday February
12, 2002 12:00 PM EDT
The daily and hourly
trends remain in conflict which — along with
(
AMAT |
Quote |
Chart |
News |
PowerRating)‘s earnings scheduled
for this afternoon and the leadership role the [$SOX.X|$SOX.X]
has been playing in recent days — may provide for a bit of chop going forward
as we wait for the market to tip its hand.
Good Trading!