I traded AGO yesterday. Here is my summary:
1.) Gap up and strong first bar.
2.) Second bar was weak, and reversed the early gain.
3.) Price formed a double bottom and worked its way up from that point.
4.) The 6th bar closed above the 50% retracement of the morning's range. The next half dozen bars formed a nice base above that level, and never closed back below it.
5.) The 11th bar formed a hammer-type candle above the retracement zone, and had support from a rising 5EMA. I entered on a break of that 11th bar.
6.) I exited at the Fibonacci extension (FE) six bars later for a 3% gain.
I have not had time to pull charts from comments this week - my apologies, but I hope everyone takes the time to look at them on their own. I did have a comment come in last night and I was looking at the chart - however, I inadvertently deleted the comment and could not get it back (I am REALLY sorry about that). The chart was MBI, and it was a "u-turn" setup. The commenter entered on a break of the 11th bar, but questioned his entry as that trigger bar seemed somewhat overextended. On the plus side, it was rallying off the 50% retracement, had support from a rising 5EMA, and was a strong bar that closed at its high.
He took the trade and exited with a nice gain at the FE. Here is the setup, and if the commenter will please claim credit for this trade I will publish his name and promise never to delete his comment again!
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