BEAS: First of all, this is a very important time for this stock, since it's a test of top at the all time high. Obviously, this stock is coming across a lot of traders' evening scans for "breakouts".
ispeculator.com
Intraday, has formed a triangle here, on this marginal new high, but it was a fakeout. In this case, seeing there is an inside ("hesitation") bar after the "breakout" bar, you can set a sell stop/protective stop loss on break of $79 1/4, with a target of violating the lower boundary of the triangle, along with the 20-period EMA in this timeframe. I use the 65M chart, since I like my bars to be divisible into the length of the trading day.
ispeculator.com
**Note the ADX on the monthly chart is now nearly 60 and it's a test of top on a Turtle Soup Plus One set up: ispeculator.com
Some reference articles:
Triangles, Part 1: ispeculator.com
Triangles, Part 2: ispeculator.com
Eyes-Closed Momo Technique: ispeculator.com
Moving Averages: ispeculator.com |
