The trading diary of Paul J. Singh. I trade full-time and empower traders by making the complex simple. I can be contacted at SinghJD1@aol.com
any opinion on the breakout and record volume in OSG from 4 trading days ago?thanks
Looks good Walter, although I wonder where you would enter: on pullback to breakout point, or on pullback to the recent highs? Then there is the overhead resistance at $70 (Auguest highs. If the stock can clear $70, it will look even better.
in this case, the recent highs are 66.67ish... how would define the breakout point? the bottom of the big white candle with massive volume (62.50ish)? or 64.41ish (the more recent but lower highs)?thanks!i agree - there is no "clear" path...thanks!
Walter,Breakout point would be the the bottom of the breakout candle. The old high (64.41) would also be a good entry point. You would have had to make a decision on which entry point you prefer, depending on your stop and risk/reward. The point is moot as the stock broke out again! That is one drawback with the pullback method. You sometimes miss continuation moves. Good eye!
Post a Comment