First blog post in ages! CIE today provided for an easy long with clear, defined criteria. CIE saw a large gap up on the open and showed strength right from the start. This play was based on a clean trend, and tight consolidation on top of the opening range. It had still not touched my target of 28.50 which was a clear pivot from previous months. It was above 26.50 which was a pivot during those months as well, so another reason to be bullish. At this time the market was strong and CIE had not moved during the entire market rebound. This was an A+ setup with a great backstop.
Below is the CIE daily. Notice the important pivots at 28.50 and 26.50. We gapped to just below 26.50 early and then broke through in the early morning, so that hurdle was taken care of. This would have been a good entry but I was involved with TOL at the time.
This has been the best intraday setup (for me) in a long while. It behaved very well. I took some nice trades in TOL today as well, and had some small losses in a few other names. Still working to improve every day and learn the ropes. Good luck everyone.
Sean :)
