I had a hard time finding nice setups today. There were a few good daily charts with intraday momentum, but I did not trust most of them so I passed.
One of them was PCLN, from my watchlist. It had a tiny 1 min bull flag after the first 10 minutes of trading but it was not ideal. Despite my doubts it ran all day.
Another one was APKT, nice 1 min base at 10:50. Passed on it too. The one I did take was PLL, a fresh gap up after a daily consolidation.
1 min base after a gap up
- Market tone was positive for most of the day
- PLL had a nice daily consolidation before today’s gap up
- After the gap up, PLL stayed in range until after 10:00
- Just before the breakout to a new daily high it formed a tiny bull flag
- Entered on the break of that flag, just before price made a new high
- Entry was at 40.87
- Closed half the position at 2R (41.28)
- Was planning to trail the second half on the 5 min swings, but momentum slowed
- The second leg on the 5 min chart went further but at a slower pace, so I thought it might correct more than I’d like
- Decided to trail behind 5 min bars, got stopped out below the tiny inside bar just after 11:40: exit @ 41.67
- Result: 2R + 4R/2=3R.
