Been seeing some good success with my swing trades lately so wanted to share some more charts with ya’ll. We all love charts, don’t we? I know I do.
I have been swing trading regularly for about 8 months now – about 5 of them taken a bit more seriously. The first 3 months just kind of small sizes, risking about .5% of my account, fiddling around with some shit. I started in about September of 2016 with around $8000 or so in a Scottrade account. I took a handful of trades through the end of the year until about February that I realized I was just spinning my wheels. Luckily, I had one monster trade in AMD take my account up to about $9600 or so. The rest were small losers and a handful of bigger winners.
Switched over to IB and the commissions are so low that I am less gun-shy at making trades and taking partials since $2 round trip sure as hell beats $14 round trip. Especially if you have 2 different targets. Then you’re paying $21-$28 to scale out for Scottrade and $4 for IB. BIG HUGE difference. Anyway, since employing and sticking to a set of rules and criteria, I have seen some good results. My account as of May 29th, 2017 is at $11,030.
Basically the two strategies I use are pullback-consolidation-breakouts which I briefly explained in an earlier post and the breakouts/breakdown strategy using the 3×3 method.
Here are some more trades I am either in or waiting for entry.
AAN – red line was my trigger. Pullback consolidation breakout method. I am in long. My stop is at $34.99 just below the whole number. Taking off 1/2 off of my position at 1x my risk with my second half target slightly above the recent swing high at $38.
DKS – has taken a beating lately. Looking to enter on a break below the low of those 2 dojis. Keeping a tight stop .01 above the doji high. My first target will be 1x my risk, unless it moves down with strong momentum. If it moves down strong I may even add to my position to play the breakdown of the double touch you see there. If unsure, I’ll take off 1/2 at 1x my risk and let the other half ride with my stop at break even.
PCAR – This one I will enter using the 3×3 method. Nice tight consolidation right at the breakdown level. If it breaks below $62 I will have a stop limit order sitting at $61.98 with my first target at 3% or $60.14.
MU – last trade I’m looking at this week for entry using the 3×3 method. I’ve made some money off of this stock twice now since January. The S&P is making new all time highs and just broke out so I like the support that MU will have behind it. It has also been strong all year. Looking for a break above the highs with entry at $29.88. First target at +3% or $30.78.
That’s it for what I am keeping my eye out for this week.