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Using Multiple Time Frame Analysis to Identify A Big Trading Move

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The following is a Trading Lesson from the Daily Market Report, a regular feature in the report.

Palo Alto Networks (PANW) falls under the category of ‘one that got away’.
I missed the setup, but it is a great learning example of the value of multiple time frame analysis.
Even if you are a short term trader, it is important to key off the weekly charts and drill down to the dailies and 10 min intraday charts.

PANW is a recent IPO that gave a large range signal bar breakout on the weeklies a month ago followed by a ‘double up inside’ setup or weekly Boomer.
This is a long bar followed by two inside bars that suggests a continuation will be followed by the contraction.

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POSITION:  No positions in stocks mentioned.