Seeing Stars On Indices - SCHN, FSLR
Longs need to be very careful here. The gap up opening was reversed mid-day and the broader indices formed high volume star candles on the dailies. The attempted push up (last 2 days) from recent consolidation could be a head fake at the top of a bear market rally. The market feels heavy and the VIX is finding support.
Stewie (The Impatient Trader) posted a daily chart of SCHN last night calling for a potential BO at the 48 level. I added it to my WL and the first two 15min candles were textbook GapnGO. It quickly exceeded the 62% extension of the OR. I took a partial on first weakness and got a better exit on the second half. Thanks Stewie.
FSLR is WL regular that stood alone today when sorting by %change. Due to the high price and volatility, I traded small and went down to a 10min timeframe to help manage risk. It quickly reached the 62% extension of the OR.
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