One of my favorite high-probability plays (in any market) is the 3 to 5 bar pullback in a strong trend. We spotted a great setup for our Tradesight subscribers last night. DECK has been in a strong uptrend (as evidenced by a daily ADX reading of over 27). It’s shown us an expected technical relief ‘pull-back’ of 5-bars the last few days closing yesterday with a ‘doji-like’ bar. I posted today’s play a few cents above yesterday’s highs at $60.80 with an intraday target of $61.70 based on ½ its current average daily range. We’ve taken a healthy partial and now have a Stop/Loss at our entry for a ‘free-trade’ while it continues to run for us.
These pull-back setups are easy to spot in evening scanning, be sure to look for the same up or down.
