Stock trade on BSX – standard context and entry example

Here is a quick summary of a stock trade carried out according to the standard DiNapoli trade plan. Ticker BSX came up on some scans I had been running a couple of weeks back so I started with the monthly picture:

Monthly uptrend, cleaned out some longs so I take a look at the weekly:

Strong support on the weekly. I am trading with the monthly trend so I am allowed to fade the weekly trend. Dropping to the daily I look for a way into the trade:

Sometimes there is no need to try and make things too fancy and get the perfect entry. Because this is a position trade for me I didn’t want to do too much work for it so I waited for the daily trend to confirm up on close and entered a limit buy order for the next day marked with the green arrow. The stock gapped down a bit on opening so I got a slightly better price than I expected.

Good trading!