AGU - Agrium - Descending triangle break down & RIMM - Research In Motion NR7 Channel Break
I was watching AGU early on as POT & the Ag group gapped up. I mentioned in last night's watch list that POT could continue its momentum early in the day as it closed it's highest tick on Friday. When the Ag plays started to roll over a bit, I found a nice short entry on AGU for a quick 2R.
RIMM started strong to continue its late day run from Friday before pushing lower. I noticed it was forming a channel type trading range. You could possibly even call it a bullish flag. It broke out of the channel and consolidated a bit with a nice NR7 (Narrow Range 7) bar. I entered on the break of the NR7 bar with a stop just below it.
As I highlighted in the picture below, I normally wouldn't have had such confidence in my trading to have such a tight stop. The stop was ~40 cents from my entry point and was the key to squeezing 3R out of the trade.
AGU... its also amazing that the 88.19 level appears to be appx the exact 38.2% PB from the 84.50 to the ORH of today.
Anonymous said... April 21, 2008 at 6:21 PM
Nice Trades!
Robert Zotter said... April 22, 2008 at 8:40 AM
Thanks guys :)
Trader M.D. said... April 23, 2008 at 12:10 AM
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