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| The classic swing trade buys the right dip at the right time. Locating the execution target can be as simple as finding the apex of a triangle or measuring the 62% retracement of the last rally. Identify possible dip entry by finding short-term declines in bull trends. This ensures a supply of potential longs when a stock hits the right price. Picking the right price level requires reading the unique pattern of the moment. During the mid-November NOVL triangle, the open gapped above the small S/R line that defined the top of the triangle. The late December triangle breakout didn't gap but price sat right at the 38% retracement and an expanding price bar followed a NR7 and pierced the clear S/R line that defined the triangle top. |
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