Posted by Tom C.
I wanted to post some charts this morning, but my software is down. JCI was a good "u-turn" setup yesterday. Looking at my trade log, I entered on a break of the 6th bar high. If you plot Fibonacci lines over the opening range of the morning, you will see this setup occurred just above the 50% level of the morning's high to low. JCI provided another great example of price stalling out at a whole number ($30), and if I remember correctly it printed several bars at that level giving you a great signal and plenty of chances to close a profitable position.
I have not had many shorts this week, but noted CSIQ was a great setup; my broker did not have shares to borrow but it is still a good chart to study - similar to one posted in the comments of Friday's post by a reader. Price gapped down and fell the first 30 minutes and then pulled back into resistance before turning back down. I was looking to enter on a break of the 13th bar low, but again my broker did not have shares to borrow.
I will try to post charts when my software is up and running.
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