BRCM gapped up big time, moved nicely off the opening range. I missed that move but into lunch it had retraced almost the complete move. What caught my eye were several things.
- It had found support on the morning range bar.
- there was a nice 2 wave pullback
Especially the pace development in the pull back was nice. It fell hard at first, rounded of near support, but then again made three pushes down, each penetrating the previous low less then the one before, hence the ’rounding off’ appearance. When the reverse head and shoulder like pattern formed (a very tight 30 min dummy bar) I entered with a very tight stop. (first red line, the thin blue line is my entry)
2R was around the first resistance level so I took half off, keeping the rest with a break even stop. The higher thin red lines are the trailing stops, but I did not enter the last one in TWS, figuring I’d see what would happen.
The dark red line was my second target but it did not make it so I closed the remaining position at exactly 5 minutes before market close.
