Courtesy of All About Trends
What a week. Actually two weeks. We played a number of Pullback Off Highs patterns.
- $855 gain in SBUX
- $408 gain in AWAY
- $496 gain in PRLB
- $336 loss in BWLD
- $291 gain in WWWW
Total gains: $1,707
In addition, Thursday and Friday we took positions in:
VPRT is up $448.50 so far (it's still open).
ENV is so far up $372.50 (not closed).
The action is in positioning yourself in leading stocks ahead of earnings. Now we're not saying go out buy them all. However the odds of quick and substantial gains are in your favor when you buy a leading stock that has formed a positive chart structure such as the Pullback Off Highs (POH) pattern like SBUX, WWWW, VPRT and ENV did.
What's the Pullback Off Highs pattern? In both charts above, the pink line shows how a leading stock has pulled back off of its highs towards support at its upward trend line. A long side trade is triggered on an upward break above the pink line.
In an uptrending market, the Pullback Off Highs line is all you need to know.
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