BBY: Last week we discussed BBY and wanted to discuss the follow-up action. It broke out in late February from a long sideways consolidation (notice the relative flat 20-, 50- and 200-MA). It then had a deep retracement and went sideways for two weeks at/above the 20-MA. It then had a bullish Wide Range Bar (+WRB) Breakout, followed by a bullish inside bar. This is a Master Trader +123 Breakout (+123), which we sold into strength for a quick 2-day swing gain. BBY then retraced and reversed on support, setting up a Master Trader Buy Setup where you can buy over a prior bar’s high. That triggered with a +WRB. Now we have another bullish inside bar, setting up another tradable +123. We recommended to subscribers to buy the stock over the red bar since it still has a beautiful Price Void (i.e., insignificant resistance to the left) on all time frames. Although not shown, the weekly chart is also a +123 and the monthly is a Breakout from consolidation, giving bullish Multiple Time Frame (MTF) alignment, another MT concept taught in our Swing Trading Strategies course.
MRK: MRK with another Master Trader +123 Breakout (+123) at the arrow shown. What made MRK a high-probability Setup was that the +123 occurred after what we call a Breakdown Failure (a/k/a Downside Shakeout). Notice that it was a decisive Breakdown then gapped lower and reversed on +Vol. That is a sign of institutional buyers lurking below. We call that a bullish “Tell.” It then advanced deeply into resistance and consolidated at resistance, Bullish. The entry was over the high and had a Price Void (i.e., insignificant resistance to the left) on all time frames. We were the beneficiary of a +Gap on favorable drug news, selling half pre-market into strength and trailing half for a nice profitable swing trade.
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