I have been taking more long positions lately. Here is one I found that I posted and traded. It's a weekly chart and probably the best looking long I've found in a great while. Unfortunately, it's a penny stock so I'm sure many avoided it. I went long at $1.01 and I've already blown out of 1/2 of it for a 40% 1 day gain. In my opinion, this chart still looks explosive.
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Margo's Swing Journal
- Thread starter margo_trader
- Start date
Another setup I traded. Weekly chart and inverted H&S pattern. I went long at $12.30 and blew 3/4 of the position at $13.70. I'll hold the rest to see what happens with a stop set a tick under neckline support.....other than a gap down, nothing bad will happen to me on this trade.
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I didn't realize how long this was going to take me. I'm tired of posting my trades. I'll post some others that I'm watching and not currently in later today.
Quote from margo_trader:
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.
not boring in the least. interesting to see the setups you're trading and how they work. thanks.
Quote from margo_trader:
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.
margo,
thats a nice set-up on payx... good luck!