MANU: Trading Breakouts can be treacherous if you don’t know what to look for since many fail at the outset – particularly breakouts from bottoming patterns. Traders and investors often “pick the bottom,” thinking they are getting a great price. But stocks are often cheap for a reason, and can remain “dogs” -- and some go bankrupt. Did you know that Bottoming and Topping Patterns set up in different forms and trends?
Most are traps for the uneducated trying to pick tops and bottoms. Don’t be a victim and be whipped around. At Master Trader, we have several criteria to define quality setups based on the structure of the price pattern. The Structure of the price pattern will speak to us about the relationship between buyers (demand) and sellers (supply) and the likelihood of reversals and trend continuation. Master Trader teaches how to detect the “tells” to ensure high-probability Setups. MANU started its bearish downtrend in late February with a gap down, followed by lower lows and lower highs. Then it consolidated for many weeks, where demand was equal to or greater than supply, halting the decline and getting above its put in large bottom above the 20-MA. We recommended buying over the closing breakout candle after it made a higher high (HH) and higher low (HL). Because of the fluid move down, it had a nice Price Void (i.e., insignificant resistance to the left) to allow for an easy swing bounce with easy trade management.
SMR: SMR was a breakout of a different type of bottoming pattern following its sharp move down in March. Its retracement higher in April didn’t get very far before pulling pack again. But it consolidated above the 50- and 200-MA and where shown closed with a bullish Wide Range Bar (+WRB), followed by a bullish inside bar, which is what we call a Master Trader +123 Continuation (+123). The entry was over the high of that 2-bar setup. SMR also had a Price Void for a profitable swing trade.
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