Home > Apprentice Trader Journals > $ Debbie: Where is the opportunity in JPM?

$ Debbie: Where is the opportunity in JPM?

The charts (daily, hrly, and 15 min.) are still giving us mixed pictures with the daily maintaining an overall trend to the upside, the hrly flat, and the 15 min. favoring the downside.

The interesting aspect of the daily is that it may be setting up for a new launch to the upside. The last four candles on the daily chart are melted candles. Could a set up be forming here? This trader is waiting and watching.

The hrly chart is a series of mostly melted candles that have slowly floated down. Watching here as the ranges seem to be getting tighter. Possible breakout trade one way or the other.

The 15 min. chart has a downside bias but being very cautious with that thought as that is against the overall orderflow. At best the short side at this time could be considered for quick, intraday scalps on the short side; however, this trader prefers to stand aside with all those mixed signals.

I am also noting that on our 15 min JPM from yesterday we have a line of about 20 melted candles that have oscilated right around the 46.00 area (2 day low) and the 20 sma on the 15 min chart at 45.97.

This trader is watching JPM closely for a breakout to the upside on a break and hold above 46.00. Specifically I need to see a green power candle that could confirm a turn in order flow and continuation of overall order flow to the upside.

Unless the overall market breaks down and trend shift to support a true downside move, then this trader is not looking to short JPM. However, as we trade intraday oderflow one must keep the opposite side  (to the bia) in sight and in mind.

 

Profitable trading all!

Debbie

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