Watching this week (still papter trading) These are questions as much as they are statements. Check me. Deaddog wwhat say you? annoy me. XLE - cup with tight handle buy at $80.50 ish XLV - higher lows higher highs since Feb 23RD, up on big volume Friday, buy at 139.50? Ignore $141 resistance top in December, negated by more recent uptrend XLB - building tight base, , needs more work GDX - in a base formation although choppy, would buy above 40 on breakout.
Do you know what you exits are? Like I said elsewhere, a good plan answers the question; "Now what do I do?"
XLE - cup with tight handle buy at $80.50 ish - stop at $75. @ $90 Take partial profit XLV - higher lows higher highs since Feb 23RD, up on big volume Friday, buy at 139.50? Ignore $141 resistance top in December, negated by more recent uptrend - stop at $135, take partial profit at $145 XLB - building tight base, , needs more work not ready to enter this trade yet GDX - in a base formation although choppy, would buy above 40 on breakout. Stop at the 50 day MA, currently at $35. Partial Profit at$50 These are potential trades, i may or may not be able to enter them if buy points are hit in the morning.
FYI (351) How to Analyze a Stock Trade | LNTH Trade Review - YouTube Might be something you can add to your process
Bought 300 XLRE @ 49.57 Rising and tight coming out of cup formation. I like how it’s holding up in the face of 2.54% 10 year greasy yield . Stop at 47.80 (below start of rising trend) Initial target for partial sell $52.17
Took another look at chart and raised stop to $378. Which is just below where previous high/resistance was broken
WHY?? Why did you take a second look? Why did you move the stop? Why do you think this is a good area? I don't need the answers but you might. Explain it to yourself as you would to a client.
No its ok, i know the answer. I was reviewing my pending orders and decided 45 points was more risk than i wanted to take, even on only 25 shares. so that answers the first two qiuestions. I chose this area because it just under where the stock broke through resistance. if it goes below that, i think the base its formed and light trend is broken It wasnt emotion