Tuesday, December 27, 2016
cycc ideal day trade
up 20% in the first couple of hours. now that's what I want!
what can I look for to clue me in to something like this?
on the daily, down 50% in 6 months, a nice pick into mid month, then a nice flying wedge double bottom, all capped off by a dragonfly candle. OK.
and, on the five day chart, a strong dip first thing, complete with rebound into what built into a great looking horizontal pick into the afternoon, and then a spiky breakout (big wave) to cap it all off.
in the morning, we want to buy a breakout. it builds a nice wedge into 10am, 10:15, two tiny bars for a point low, and then gaps up, so that's the signal. buy at the market there? 4c is 1%, so it's a 3% stop right up to 4.10, treating the just mentioned gap as the stop level. the top at 5.50 was a good sell signal, completing an s shaped rally with a runout second leg.