RIMM - Research In Motion - Base & Break
RIMM was a stock I posted on the watch list a few nights ago. The chart, for a refresher is below. It was forming a nice bullish flag on contracting volume, after its recent run up.
This morning it began to base under yesterday's afternoon high of ~119.25. I entered long on a break of that area. RIMM ran up nicely from there as the market moved higher. It nearly formed 3 WRBs (Wide Range Bars) before coming into selling pressure at the 121 resistance level. I then exited the trade.
I tried to re-enter, as RIMM appeared to be consolidating & forming an ascending triangle. I ended up get stopped out as I was too aggressive with my stop. I should have either waited longer to re-enter, given my stop a bit more room, or waited for RIMM to clear the 121 resistance level before entering.
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