Friday's Trades - UA, CIEN, JDSU
As noted in Thursday's post, UA had a well formed bullish flag pattern on the daily. Price broke out 30 minutes into the session and never looked back.On the daily, we see that UA has room to run for a full measured move, so keep it on the focus list.
CIEN was a volume momentum gap which I found through the momentum scan. Price retraced back to weekly R2 which held as support. I waited for confirmation. Price consolidated at the base of the the 50% Fib. retracement and set up out a low risk entry (NR7) . I targeted a move back to the early swing high.
JDSU was an earnings gap mentioned in Thursday's post. Wait for price to consolidate on or near the rising 5 period ema on the 15 minute chart or 20 ema on 5 minute.
