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First Marblehead - FMD at Trader’s Narrative

First Marblehead - FMD

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FMD gapped up and printed a rather bullish first (30 minute) candlestick. The second candlestick was also bullish closing higher but it left a bit of an upper wick. This was the first sign of a potential reversal.

The next two candles were hammers. Concurrent with the pause in price, volume contracted (purple arrow). The second hammer (fourth candle) had a long tail and closed at the high - showing that price had been supported by quite a bit of buying.


The buy point was the break of the second hammer’s high - with a stop loss below it). Interestingly enough, the volume picked up and stayed quite high throughout the day as price once again expanded higher. I was expecting volume to ease considering that we were about to enter the mid-day doldrums.

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