Long CF at $148.49 - Here's Why
I jumped into CF Industries Holdings (CF) this morning as a swing-trade. The trade may or may not end up being profitable - but that is besides the point for this discussion. What I want to do, is show you WHY I traded CF.
Notice how on the 5min, 30min and daily chart they all show bullish setups.
On the 5min chart of CF you have a nice breakout followed by a bull-flag pattern that provides an ideal entry.
On the 30min chart you have a triple bottom, followed by a breakout of its base that it has formed.
And on the daily, you have a nice downtrend that shows some accumulation at its base, and ready to breakout to a move higher, as well as a move above the 200-day moving average.
If it dips below $145 which is around the day's lows, I'll bail, as I'll have little incentive to hold this stock beyond that point.
And there you have it!
Here's the multi-time frame breakdown on CF.