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Today we look at ABBV on the 2 minute chart. Clay alerted a possible dead cat bounce considering there was a massive gap down. We talk about ideal entry locations using key moving average, specifically the 50 simple moving average in this case along with old support which should act as new resistance. After discussing the importance of grandma numbers, we move our stop loss above that level. We see that our slick willy entrance was a great point and the chart immediately pulls back. After some consolidation, we get a nice breakdown for profit. Now it’s just a matter of trailing our stop loss to take as much profit as possible. We see that we actually make more than 50c more than our initial target which is why we continue to trail our stop losses when trades go our way. You never know when the next home run is around the corner.