As drawn on the chart the stock paid a visit back up to the high area which previously sold from big money.
The pull back was on very low . this means there is no more buying interest in this area or absorption for the trapped holders on the high area.
Notice at point A on the chart there was a big spike in which made a up rally outcome.But this very high spike in on point A also means that there is heavy supply floating in the stock.
now we got a low rally up means no more buying pressure and this will lead up to a nice short chance .
The Plan in case of getting nice open to enter.
Note : if the stock open gap down DO NOT ENTER and STAND ASIDE
If we we get a nice open price then:
Exit 50% of the position at PT1 and PT2 will be on trail stop. Do not trail the stop untill PT1 is hit
plan 2 : At PT1 exit 80% of the position and the remaining on a trail stop.
you could execute what ever plan you like from plan 1 or plan 2
Trade entry price from today's open is 49.24
Stop loss 50.49
Profit target (1) 48.30
On PT1 execute one of these plans:
1> exit 50% of the position and the seconds half on a trailing stop
2> exit 80% of the position and the remaining 20% on a trail.
Note: This is a daily trade it might take some while to develop.
Note2 : at the end of the day cancel out the profit target order untill next open, the reason is, the market may gap open in your direction and this will give you better PT1 on the open price.
If the market opens around the previous day close then load in your PT1 order again and do so each time the market close.
We start trailing the stop from today after the market close, I will update the stop
no trailing stop until pT1 is hit.