The Roadmap to Opportunity Has 3 Main Markers
IDEXX Laboratories (NASDAQ: IDXX) showed all three back on Dec. 21 -- right before the stock exploded upward
by Nico Isaac
Updated: January 26, 2018
Last July, I went to visit a friend in Nova Scotia, Canada. One day, she and I decided to take a day trip driving around the region's scenic countryside, sans cell-phone reception. About 5 miles into our adventure, I took out the map we purchased at the gas station, only to discover it was a topographical map, showing only the names of lakes, rivers, mountains, and so on. It neglected, however, to identify specific rural routes and country roads.
Suffice to say, we turned into the next convenience store and bought the appropriate map -- one that had all the information we needed not to get lost deep within Canadian cow country.
Now, why are we talking about Canadian backwoods in a financial markets article?
Because a similar problem of limited knowledge, or "map data," can get you lost in the world of trading, too.
Think about it: In a rush to buy or sell, traders will often make the decision based on a limited set of data.
For our senior instructor and Trader's Classroom editor, Jeffrey Kennedy, the ideal "roadmap" to opportunity contains no less than three main markers. In an up-trending market, Jeffrey's "go-to" high-confidence trade set-up includes exactly three interlocking pieces:
- First: A 14-period Relative Strength Index (RSI) that falls within the bullish "range rules," which state: Counter-trend moves will tend to see RSI find bull-market support between 50 and 40.
- Second: A 13, 8, 5 setting Stochastics with an oversold signature, i.e. at 20 or less.
The chart below shows the bullish "RSI/Stochastic Combo" in real time:
- Third landmark on the roadmap to opportunity: a solid Elliott wave pattern.
In Jeffrey's own words:
"This is my go-to-pattern. I love looking for this. By themselves, [RSI and Stochastics] are powerful tools. But [even] more so when you combine them together" with Elliott waves.
In his December 21, 2017 Trader's Classroom video, Jeffrey utilized this three-tiered technical base to identify a bullish trend change on the price chart of IDEXX Laboratories (NASDAQ: IDXX).
The RSI was near the bull-market support, Stochastics was in oversold territory, and a corrective A-B-C Elliott wave pattern were all sending one clear message:
"This is an issue that needs to be on our watch list because the potentiality of it is quite nice for a move up to 185, 190..."
Go ahead and watch Jeffrey walk subscribers through his analysis with this exclusive clip from the December 21 Trader's Classroom lesson:
This chart shows where Jeffrey's Trader's Classroom analysis occurred along IDXX's bullish trajectory:
Navigating the near- and long-term trend changes in the world's leading financial markets requires patience, objectivity, and an expert sense of technical direction. Our senior market analyst and Trader's Classroom instructor Jeffrey Kennedy has all three in spades.
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