1 min reverse head and shoulder and a 30 min dummy
- In a choppy market it helps to pick a stock with a great daily chart
- FRO had a clean breakout on the daily chart after a consolidation area
- The breakout was on big volume
- The stock ran from the open for three 30 min bars
- It pulled back gently during the next three bars
- Switch to 1 min chart and watch for momentum change
- Just before the breakout at 13:00 it had formed a 1 min reverse head and shoulders
- Entry @ 29.82, SL @ 29.72 (based on the pivot on the 1 min chart)
- Equal move was target but seemed a bit out of reach so trailed the first half on 1 min chart
- Exit half @ 30.15
- Exit rest 5 minutes before the close: @30.33
- Result 33 ct + 51 ct / 2 = 42 ct
- RW/R: 4.2R
Skipped HLX because it was not the first day of the move and lost 1R on HRBN, that was too extended already.
