AMZN long off of an inverted hammer bottoming seed wave.
On the faster time frame you can better see the bottoming pattern trace itself out. It's a reliable pattern to watch for to trade a bottoming pattern intraday; kind of an inverse H & S with two heads; with either a slightly lower low as in this case or, just as valid, a slightly higher low
Look closer at the 15-min chart, it's tracing out the same chart pattern as the one outlined on the 3-min chart above. Look to buy $214 on Monday if price holds that support, if it fails it, look to short $214 on retest.
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.
No comments:
Post a Comment