Home > Apprentice Trader Journals > $Debbie: What is the trade in AXP?

$Debbie: What is the trade in AXP?

On the daily chart, AXP is in an uptrend since March; however, it has gotten sloppy at times. Currently the March trendline has been broken on the daily and price action is bouncing off 31.68 which is somewhere near September’s lows.

The monthly chart shows a trend up since March but recently on this chart we have two melted candles which signifies indecision. The hourly chart shows range bound price action since around Oct. 12 th. The 15 min. chart also shows range bound price action.

AXP is range bound; hence, with an intraday, momentum bounce off of a significant level could warrent a test trade long off of support as long as booking profits into resistance is quick. This developing trader would not short AXP as the overall bias is still up in the higher time frame. Since recently AXP has been presenting some choppy trading intraday, this developing trader is being cautious with AXP.

However, if AXP starts taking out multiple day highs and, better yet get back above that daily trend line from March then that could signal continuation of the trend. At this time this developing trader is on the side lines regarding AXP.

 

Profitable Trading All!!

 

Debbie

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