Like TEVA, I lost on this one too. However, the damage wasn't bad. I lost 55 cents. I went short at $20.50 (stick low resistance) and took the loss at $21.05.
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Margo's Swing Journal
- Thread starter margo_trader
- Start date
Point wise, this is the best trade I've made since I've been here. As mentioned before, I felt it was in a H&S pattern so I took at small short at the shoulder highs. As you can see, I got lucky on the big gap down. It points lower longer term, but I took the profit and will wait at this point to see if it can setup into something smaller to trade from.
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I went short this at trendline resistance ($31.40). As I always do, I took profits on 1/2 of my position when it reached something I was comfortable with ($30.25) and I reset my stop right above the trendline I went short at. I was stopped out on the balance at $31.50. Overall, it was still a profitable trade.
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Another short from a weekly chart that has worked well.......a BIGGGGG H&S pattern. I went short at $30.00 (neckline resistance). I covered 1/2 of my position at $27.80 with a breakeven stop set on the rest. At this point, I'll sit back, relax, and see what happens since NOTHING bad is likely to happen...minus a large gap up.
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Yep, I know all this seems rather boring and repetitive. IMO, that's what good trading is all about. Forget all the bullshit indicators you're testing or reading about elsewhere.....learn S/R....and you'll be able to turn a buck. Here is another I'm short.....already covered 1/2.....breakeven stop on the balance....yaha yada yada. Risk to the mid 50s.