FSLR Update

Yesterday's FSLR Sept. $38 Call position opened  on what looks to have good evidence as a head fake move is in the green right now and looks like it's sitting at some intraday resistance, getting ready for a breakout move. *I do think FSLR is a decent long equity position as well, although speculative.

 This was the suspected head fake move as support was so well defined, it's pretty easy to guess where stops/limits would be congregated.

This is a 2 min chart mostly from yesterday, the price pattern suggests the reversal process is proportionate with the preceding move and the 3C chart clearly suggests accumulation on the move lower which is what we look for to give us probabilities of a head fake move vs. a real break.

Right now FSLR is sitting right below the break (former support, now resistance) with a nearly 2% gain, I think it's not long before it breaks out, the accumulation on the head fake move yesterday was too convincing, thus the call position entered.

Often intraday/day traders will use this 50-bar 5 min chart to exit/enter positions, the Trend Channel will likely be used as an initial momentum gauge as I'm more interested in capturing initial momentum than highest price with options, unless there's good evidence suggesting there won't be too long of a draw down or consolidation period.

Also the momentum indicators have flipped to positive.