Monday Nov. 19th - DISH caught my eye from the Briefing.com gapper list because it’s also a WL stock. It gapped up on an M&A chatter and carved out a WOR with a long upper shadow. Price held support of the 200 SMA (red line) as it consolidated sideways in the upper half of the OR. As price and the upward sloping 5 period ema came together, it printed NR7 (price and volume contraction ahead of expansion). I entered long on a B&B setup above the blue line. I moved my stop up aggressively in order to preserve profits and I was stopped out on the first sign of weakness.

From the 5 minute chart below, notice how DISH carved out a higher low on the second pullback from the base.

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This entry was posted on Thursday, December 6th, 2007 at 6:33 pm and is filed under Wall St Trading Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.