Steve Stewart's Picture of Power chart list has been inspiration for what I'm doing. The problem I've encountered however is often Weekly Breakouts are susceptible to violent pull backs on a daily.
As good as that breakout looks on a weekly, on a daily it would be rough daily-- pulling back nearly 10% to the 10 day avg. and prior 3 month high. Supported and then bounced.
Tradable strategies
- Perhaps a better entry is to look for a pull back within the weekly breakout to support?
- Take Week one -- Exit after 2 consecutive weeks of now new highs
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