Tuesday, March 24, 2009

BUCY - Cup & Handle



BUCY moved up, hit PDH and retraced to 20 EMA on 15min. 5th, 6th bar found support and were NRB. I was not comfortable going long today and so I checked 5 min. chart for additional confirmation. Price found support on OR. Went long on the break of 6th bar high when price was above 5 EMA. EMA's were in right orientation for a long after entry. Took partial at PDH which was morning's swing high and held the remaining because the candles were looking strong and price formed a cup and handle. Exited remaining at 38% FE.

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