Last week I had $FEYE on watch as it broke out thru this down channel. Friday April 10th. I was going thru my scanning during the day and noticed a volume increase in the stock.
On top of that it broke resistance on hourly chart.
So I originally went long on Friday and was stopped out, but I realized my mistake and waited for the next set-up. A pull-back to the 20ema and flag. Here is how it all played out.
(Notice also the volume increase around 10:30 AM)
So the last entry I did chase a little. But I had a nice average and I felt pretty good this was going to atleast 42.90 based on resistance on a bigger time frame.
This is an example of how to use 5 minute charts when it breaks resistance on a bigger time frame. The 5 minute flags work much cleaner when it is in the clear.
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