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B.J. bold move on CMT. I’ve not looked into the intraday chart, but notice the lower highs and lower lows. When I find a stock like this I’ll let the market structure low show me that it is a low. I see a few MSL failures and this would concern me. Just my take and I’m not sure what you used for trigger long. Anyway best wishes with this one and might it reverse for you and make a quick trip to 13.00
Skiracer posted some ideas. One was DNR I was bearish on it until the market structure low was confirmed. Pull up a 3 month daily on it and see what I mean.
Runner, you make some excellent points. Here's what I saw:
1. Channel long bounce off the 8.75 low (Raff Channel tracing from the 4.50 low on 4/1
2. Supported 50 day moving average
3. It's one hell of a nice looking doji. Very long lower shadow indicates strong support at day's end. Gap up at open, and continued strong Monday would complete a Morning Doji.
That all said, yes, I am being careful with it. If it gaps up at the open Monday, I'll be on the gaurd for a move lower. If it opens lower, my stop will be just below the 50 DMA (that'd be <3%).
I do appreciate the input, though. Happy ID, Runner.
One thing, in addition to what you said, Runner, that would concern me was the average trading volume on CMT today. I'd like to see above average trade on a reversal. It was an increase over the prior two days, but that doesn't say a lot.
I know spikes channels are powerful and if you saw the bounce great. One more thing on the MSL’s I will often use then as my stop. If price fails below the MSL I don’t want to be in the stock because now another low is possible.
BJ you seem to have a plan and I wish ya the best!!
Been a good day thus far. VPHM rocking, ABLE up. Part of me wishes I had stuck out CMT, but, oh well... must maintain my trading discipline of honoring stops.
Been a good day thus far. VPHM rocking, ABLE up. Part of me wishes I had stuck out CMT, but, oh well... must maintain my trading discipline of honoring stops.
I hate to admit it, but I think I just fell in love with VPHM. My account is looking good today!
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