Chart Talk

 

Todays morning price action was a bit uneventful as the market did not follow through in one direction. Coming into the day I was looking for XOM, HAL and JNPR to continue there strength from last week and push higher. When the market opened, JNPR immediately started to push lower.The first level of support was on the hourly chart near the 35.00 level; because of how strong JNPR was at the previous week I planned on entering the first swing low on the 5 min chart.

Generally this setups provide a good risk/reward. Friday highs was the first profit target and possibly looking for a move higher. We can see on the chart below JNPR formed a swing low entry. Unfortunately the trade did not follow through as the SPY was breaking below 15 min ORB, ended up taking a small lost. But the setup was a great idea which provided great risk/reward and should be taken ever time.

As we see on the HAL chart the exact same idea/ trade setup (strong stock, weak open, swing low entry) worked out great, providing a nice .40 cent trade going into the lunch hours.

The afternoon trading was a little easier because we had a nice sell off for the last few hours of the day. ABT provided a nice short trade in the morning with 15min ORB and in the afternoon with a breaking the morning lows of 48.45 for about .30 cent.

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