We traded $ENOC Thursday in the chat room. We have been watching this stock for a while as it was getting ready for a narrow range break out on the daily chart. Stock reported goodd earning on Thursday and opened up with a quick spike move in the morning. Impossible to catch the open move. So we waited for a “First Pullback entry” after the initial move up. First pull back trade is one of the most powerful strategy taught in Bulls trading boot camp classes.
Let’s see the trade setup on intraday chart.
1.Impossible to catch in the morning as stock moved fast on good earning news.
2.First pullback to EMA and closest moving average .Another retest of moving average and buyers step in.
3.Long entry triggered around 16.50/16.70 area with stop under 16.40.
Another flag and back over moving average for one final run.
4.Stock made a high of 18.23. About $1.50 gain with maximum .30c risk.
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