Tuesday, April 14, 2009

JOYG: Symmetrical Triangle Pullback


JOYG broke out of a little Symmetrical Triangle in last Thursday's trading, crossing 24.41. The high of that candle was 25.38; the low was 23.16. When I saw JOYG sell off yesterday morning with the general market, and go below the 24.41 breakout, I entered orders at 24.27 and 24.01, the 50% and 61.8% retracements of Thursday's breakout candle, respectively.


Both orders got filled. The low of the day was 23.95, six cents below the 61.8% retracement. When JOYG bounced off that, I sold the position entered at 24.27 when it rallied back above that, and held the position entered at 24.01 for a rally back toward the opening gap of 24.80.

The remainder of the sell order. I couldn't capture it in one screenshot.

Gain on the two trades: $2,300. I was hoping to get back in on this second position on a retest of the morning low, but no luck. JOYG held up and closed in the green.

Basis the Ichimoku Kinko Hyo Chart, "At a glance...the Table of Balance," we can see that JOYG has turned the corner and is moving higher, above Kumo (Cloud) support. Notice that if the 28.88 Symmetrical Triangle gets MADE (sorry, I made a mistake and put 28.81 on the charts), that would be just above Data Point #3 on the BIG Symmetrical Triangle, and also that Barclay's $28 target would get MADE.

No comments: