After the previous post regarding the 2x bar setup, I'll keep going with RIMM:
Daily....a breakdown of $54.76 should trigger a few tight stops
At any rate, the previous midpoint (based on Friday's range) was $55.91 (yellow dash line). While the current midpoint is the purple line at $55.75. Also on the chart are some target lines at $55 and $54.50 (based on previous S/R).
Patience prevailed while giving time for the H&S pattern to develop as we approached noon, giving a good pullback entry at or previous day's midpoint.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.
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