Although we sometimes look to trade this monster on Fridays using expiring weekly options, the bullish pattern shown has enough clarity to loosen up a little and trade it midweek. As you can see, there is decent ‘camouflage’ cover to be had without zooming down to the one minute chart. This 10-minute picture contains an impulse leg subtle enough (see inset) to have generated an entry signal that would have attracted few competitors. It also was ideal for a ‘timed’ buy-stop entry, where one jumps into the position and gives it perhaps 15-30 seconds to go into-the-black before bailing out. ______ UPDATE (10:27 a.m. ET): A hawk-eyed subscribers has noted in the chat room that Priceline topped this morning within pennies of the 1205.46 target of the pattern shown in the chart (the target itself had been left unspecified; the subscriber simply worked the numbers). Although the pattern played out exactly as anticipated in the chart, the rally was tradable only if you were awake and very alert overnight. Would it have been worth it to slog through hours of tedium? Judge for yourself: 400 shares entered at the implied 1186.55 entry price shown would have produced an overnight profit of $8000 if you exited at the target.
