Thursday, February 19, 2015

AXP (REVERSALS) continuation of a downtrend following a retracement to prior resistance

Daily:

  • AXP gapped down below major prior support/inflection on loss of large contract with Costco
  • After 1 day of following through and 2 days of retracements, price found resistance at prior breakdown area as seen below in 15 min chart:
15min:
  • Price retraced to gap fill and prior breakdown area of the first gap down day
  • looking for weakness to scale and break of structure to add to short
5 min:
  • Get in on retracements back to where prior break of structure occurred
  • Major break/momentum happened on break of major inflection based on prior day's level
  • Price gravitated to prior days' major inflections

1 min

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