Hubert Senters here.
Let’s take a look at JNJ. Now, this is not a traditional buy signal. What I’m looking at here is a move that has went from the turning line. Overall this is a better longer term short in my opinion but I know we’ve got some countertrend traders out there so I want to throw you guys a bone.
So in this situation I’ve got a turning line crossing above the turning line going through the standard line and I can see that I’ve got an hourly buy signal on Johnson, Johnson what that means is I can potentially get long on this thing. I’m not going to get married to this thing though.
I know I’m still more married to the short position because I’m below the cloud. And then I can target this zone up here at the underbelly of the cloud. So the trade would be long at $132.06 and if you could have got it this morning when it crossed around at $130 even you’d be way better off.
But let’s just say you weren’t paying attention. It can cost you $2 points a premium. So $2 for not paying attention during it long at $132 your stop is going to be one $129.966 and your target is going to be at least $135.
Good luck. Hope it helps. I’ll see you on the next video.
Hubert.
