I was watching $BIOC as being a former runner, forming a bull flag on the daily chart. A possible swing trade turns into a perfect day trade.Today I will share my thought process, entry and exit on the intraday chart to show how simple and predicable this pattern is.
I was watching it over $2.02 on 1/24/19 for the first daily to make a new high. Notice how well it held the 9ema on the daily chart. The market open was uneventful and I almost took it off my watch list. Around 9:40am I noticed some volume coming in just below $2. It was then I took a low risk position. Knowing the low was 1.80 I set a stop loss to let the price action determine if I was right or wrong. I bought at $1.97 in anticipation of the break over $2.02. Volume brought the break which was confirmation seen below.
I had originally viewed this as a swing trade but it ended up being a nice day trade. A good reminder to listen to what the market is telling you.