Dear traders,
I like to say few words about my style. I use patterns for trading and that mean I look for consolidations (base, flag or triangle) with other words I look situation when chart is in rest period after move. I believe that is good way to find lower risk setup with good reward possibility. I know that after yesterday strong gap up (news driven) no one want to hear patience, but I can’t change charts and I believe that all who scan overnight seen that many chart are extended, especially on the 60 min time frame. One of important parts to be successful trader is that you must feel good in trade what you will take. Regardless if is swing or scalp trade. I just don’t feel when I jump in extended chart and only what I can do is to be patient (again). I know that patient is another very important part but most of traders don’t like to hear it. I have some ideas for today, but I want to see market action first. Also I found one (already on the move) chart with some intraday consolidation and I hope it will give us some good action. Despite of nice gap up, and good odds for continuation, I just don’t feel good to jump in this high speed running train, I want to see at least slow down or station (consolidation/rest). I think that is logical that if we have pattern on the daily or weekly time frame that is less risky for swing trade and small time frame patterns are more aggressive and good for scalps. That is general (lots of room for profit between that) but I think that is good to keep that in mind
Wish you all great trading day
Ivica Juracic
WBMD
Technical view: WBMD is already on the move and also not far from previous high and now question is why I have it on list? Yes, it is little aggressive trade, more than is ideal for me, but I can’t ignore daily continuation pattern and strong breakup volume. WBMD back under weekly 200sma resistance area and with continuation pattern for trading plan there are open odds for strong break up continuation. I want to see stronger pace after setup and because of that I use 20sma 15 min for stop because if we will see selling after setup and if WBMD back under 20sma 15 min that won’t be pace what I like to see and because of that I use it for stop. Next resistance is $40 is and after that 200sma what is also weekly gap area. I think that WBMD have good chances for that action and hope news driven market won’t change it. Note: trading risk remain higher for me
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