SLW sold off again in the morning, to the 13, 21 and 34 EMAs (exponential moving averages), which were properly threaded in sequence and bunched to together between 38.24-38.42. I got long at 38.28.
Given the facts that we've got the "possible" Bearish Doji Star Hangman in the weekly chart (see weekend post) and we've got a possible Bear Flag/Rising Channel in this hourly chart (pattern in white), I allowed a little wiggle room below the EMAs, but not a lot. My expectation on the trade was for SLW to use the EMAs as support, and rally, but the stock went a good bit below them, which I didn't like.
SLW continued straight down and nearly hit my 38.79 stop, which was the last low prior to the rally on Friday. Blaaaah. I adjusted my trading plan to "sell any rally to the EMAs basis this 5-minute chart" and sold at 38.40-41.
In the next hour, SLW put in a big 'ol white candle and rallied to a high on the session. Oh, well...LOL.
Gain: $600
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