Short Term Ichimoku Stock Trade Setup 9/3/2012

A stock we have been looking at recently has been GLW(Corning). It has been in a bearish downtrend recently and may have turned the corner.
1st – It made a capitulative bottom on 8/1 trading down to 10.62.
2nd – The Daily had a TS/KS cross on 8/17.
3rd – On Friday the stock was upgraded and had a nice gap up.

Attached is a 120 min chart for GLW. We have marked off a support zone in between the 2 light blue lines. We are looking to get long on a pullback into that zone(11.74 to 11.93). We will stop out on a break of that zone. There is limited risk here and we will trail our stop once we break to new highs above 12.17

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About the Author David Terk