EGO - Chart Link - following up on EGO, as
you know I posted this on Wednesday and Thursday, I said it had a
fantastic weekly chart - huge pop today, basically a breakaway gap
out of the pattern
EGO - Chart Link- I mentioned below already,
however wanted to stress again from an
educational
standpoint. EGO had a wedge pattern with a well defined
downtrend line.
It gapped up big today, however you can chase those kind of gaps
on the open because they are breakaway gaps - when price gaps over
a significant downtrend line, those are bullish gaps. I mention
because I know it's psychologically hard to chase gaps at times,
but those are the times I do it. However I bought some on Thursday
before today because I liked the weekly pattern so much.
as far as the gap I wouldn't be chasing it now, if you were not
in it already coming into today the time to buy was right after the
open as now it's up so much after the open not good risk reward to
chase here
Posted by CopperMtn on 21st of Feb 2020 at 10:32 am
Thanks Matt. I also picked some up yesterday. I know everyone
has their own risk tolerance and you guys constantly counsel to
take profits or partial profits. That aside, which TA metrics are
you looking for regarding setting a stop at this point? Is it too
early for TA to provide guidance on this kind of gap? The measured
move on the triangle in the daily chart measures to 10+. The weekly
MACD is positive and looks to be about to cross up. What else are
you looking at in this kind of situation?
EGO weekly Gold
Posted by matt on 20th of Feb 2020 at 10:29 am
EGO - Chart Link- that really is a sweet looking weekly chart
- wedge pattern
- MACD recycle back to the zero level
- moving average ribbon pinching hard
Update: EGO weekly Gold
Posted by matt on 21st of Feb 2020 at 10:18 am
EGO - Chart Link
EGO - Chart Link - following up on EGO, as you know I posted this on Wednesday and Thursday, I said it had a fantastic weekly chart - huge pop today, basically a breakaway gap out of the pattern
Update: Update: EGO weekly Gold
Posted by matt on 21st of Feb 2020 at 10:23 am
EGO - Chart Link- I mentioned below already, however wanted to stress again from an educational standpoint. EGO had a wedge pattern with a well defined downtrend line.
It gapped up big today, however you can chase those kind of gaps on the open because they are breakaway gaps - when price gaps over a significant downtrend line, those are bullish gaps. I mention because I know it's psychologically hard to chase gaps at times, but those are the times I do it. However I bought some on Thursday before today because I liked the weekly pattern so much.
as far as the gap I wouldn't be chasing it now, if you were not in it already coming into today the time to buy was right after the open as now it's up so much after the open not good risk reward to chase here
Appreciate you explaining that distinction.
Posted by RichieD on 21st of Feb 2020 at 10:35 am
Appreciate you explaining that distinction.
Thanks Matt. I also picked
Posted by CopperMtn on 21st of Feb 2020 at 10:32 am
Thanks Matt. I also picked some up yesterday. I know everyone has their own risk tolerance and you guys constantly counsel to take profits or partial profits. That aside, which TA metrics are you looking for regarding setting a stop at this point? Is it too early for TA to provide guidance on this kind of gap? The measured move on the triangle in the daily chart measures to 10+. The weekly MACD is positive and looks to be about to cross up. What else are you looking at in this kind of situation?
Volume is tapering on EGO,
Posted by angelique on 21st of Feb 2020 at 11:13 am
Volume is tapering on EGO, at new highs for the day, I've been steadily scaling out FWIW
Great trade for me, closed
Posted by mundy on 21st of Feb 2020 at 01:40 pm
Great trade for me, closed out 30 mins ago
Yeah very nice call
Posted by loujjj on 21st of Feb 2020 at 01:44 pm
Yeah very nice call on EGO I got a small piece of that
EGO reports tonight
Posted by steve on 20th of Feb 2020 at 10:34 am
EGO reports tonight