As I mentioned before, 90% of my trades come from the daily / weekly charts. However, I do use the 60 minute charts from time to time, particulary when they are at extremes. IMO, there's a lot of stuff out there that fits this criteria. So, I'll post a few lower risk setups I'm watching based on the intradays before I post any longer term setups. The first is simple. I'll short as close to parallel line resistance ($21.25) with a tight stop. As you can see, it closed right at it Friday. If it happens to gap over it at the open, I'll probably avoid it. My first target will be at the lower parallel line followed by the upper gap.
Another 60 minute daytrader type setup. I'll short at the upper line with an initial target at the lower. Stop on a move over the upper.....i.e. LOW risk.
Another view of IBM.....the 60 minute. I've posted the daily several times so no need to do so again. I still have a small short in this and probably won't add to it on a neckline violation. However, I'm still going to watch it since I'm likely to change my mind if we see a hard push down.
If you look at many charts, you've probably noticed there are many in broad patterns. I'll take a low risk short at the upper broad line with an initial target at the lower. Again, a 60 minute chart.
Since more charts look extended than not, I've had a difficult time finding many objective long setups. This could be good for a scalp / daytrade long.
Chartgurl, take a look a kosp, little overextended and ready for a pullback, what do you think? By the way Margo, great picks.
stokhack, That's exactly the type of setup I like to trade. Sheesh. Notice the parabolic rise directly through the 200 MA not to mention the gaps. Thanks for the heads up. I've already go an order loaded to short at $26.00. A full retrace over the long term is probable. By the way, save your chart as a "gif" when you want to post.