Swing Trading Setup | Simple Scans

Proctor and Gamble Co Stock Chart 5.3.19

Proctor and Gamble Co Stock Chart 5.3.19

This swing trade setup is one of my favorites.

The pattern is from the daily charts and requires no indicators. Some context for my swing trades, I'm always scanning for volatility. Both increases in volatility and a contraction in volatility.

Meaning I want to know if fast moves are starting or potentially ending. If momentum is ending I spot exhaustion candlesticks or my U-turn reversals. I can use this information to exit my winners when it's easy to exit. Or I can enter a new trade when the stock price reaches what I call a Saturation Point.

Today's swing trade setup focuses on consolidation. When today's price action is completely inside the previous day, we have a pause in the order flow. Nothing new happened. No new highs, no new lows, an inside day.

When this happens we look for the order flow to resume. Typically this leads to a large green or red candlestick pattern, a trend day. These trades are managed by holding to the close if you're a day trader, holding for 3-5 days if you're a swing trader.

In the chart of PG (proctor and Gamble) we have a double inside day, or an inside, inside day as my friend Marian says. Today I'm looking for a breakout or breakdown from yesterday's trading range and using a stop order to enter. 

My stop loss is below the low of the inside day (if a long entry.) My profit target is 3-5 well bid days.

The obvious question should be: “Why are you saying long or short?” This swing trade setup calls for an expansion in volatility, but does not call direction.

Although the stock is in bullish order flow, the stock price has failed multiple times at $106. So it would not sock me to see it trade lower out of the double inside day.

I'll let the market tip its hand then climb on board for a nice swing trade.

Pete Renzulli
 

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