Hubert Senters here.
Let’s take a look at this example right here. BMRN, Biomarin Pharmaceutical. I’ve never heard it before. But anyway, it’s one of the biggest net gainers today on the Nasdaq.
Now, it looks pretty good. What I’m doing here is trying to figure out where I think it’s going to go next and if I want to place a trade here or not.
So what I’m doing is first back up and look at the daily chart. And I go that’s the most recent high, these are the most recent lows. It’s about to close above a $61.8 percent retracement but that’s a good sign.
A lot of times it will stall about 50 to 60 percent and it will roll back over and by. In this case, it looks like it actually got legs so what we’re going to do here is if it can clear that $90.16 it will probably go to $98.87 so that’s about an $8 point move.
If you like the risk reward ratio of that trade then you can place it on the long side. Once again, that’s BMRN with a target of $98.87.
Folks over at TradeThirsty Silas Peters to be exact is going to be doing a live workshop on Mechanical ‘’Done-for-you’’ strategy, any market, any timeframe, Friday, January 10th at 11AM and that’s tomorrow.
Put in your information right here and click YES! RESERVE MY SEAT NOW and the information that Silas is going to go over with you. So go to chart pattern, removes emotion from trading, all markets, all timeframes, paint by number system. I will HYPERLINK you to this page.
Good luck. Hope it helps. See you on the next video.