All signs point higher at the moment, with several bullish patterns working in concert to drive the rally. Most ambitious among them is the pattern shown, which projects to 606.08. Its ‘p’ midpoint lies at 589.17, which implies that yesterday’s oscillations around that number are a consolidation — a tradable one well suited to camouflage tactics. A move to the target, presumably precisely, is not in doubt because of the way the stock gapped above the midpoint on yesterday’s opening. Camouflageurs looking for a way in should zoom down to the 3-minute chart, where a small peak at 592.25 (11:12 a.m. EST Thursday) could prove most useful. _______ UPDATE (December 2, 6:28 p.m. EST): I’ve refreshed the chart so that ‘camo’ traders can see a recent, long entry opportunity in the perspective of the one-minute bars. Theoretical risk here — i.e., the distance between ‘C’ and the ‘x’ entry point — is 40 cents, but you could have cut that down significantly by using a ‘timed buy-stop’ to initiate the trade. This implies getting long at ‘x’, but sticking with the position only if it is in-the-black within the allotted time — say, 30 seconds. I should note as well that although this particular trade would have been enticing intraday, the fact that it was signaled with just minutes left in the session on a Friday made it too risky, at least for my taste. Even so, we shouldn’t lose sight of the potential reward, a trip on the northbound express to as high as 606.08.
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Tuesday, March 13, 2018
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