Forgot to add these to my last post. That one was running a bit long so I thought I’d just start a new post with a new watch list.
A – 3×3 method. Looking good so far
Bottom red line was my trigger. Middle red line is +1.5% where I will move my stop loss to break even. Top red line is +3% profit target. Again, as always, if the price hits my 1st target without a pullback, I will take off the full position. If it pulls back before my first target, I will take off 3/4 when it reaches it as usually after a pullback it sets up for another run up (not always, of course).
Same story. 3×3 on DRI. Middle line is +1.5%. Just about there, hoping for some strong continuation today before the weekend.
Last trade I am in is VFC. This is the pullback consolidation method.
Looks like the recent uptrend has come to a halt and the first pullback after the confirmed down trend is occurring. Triggered in at the top red line. Price made one attempt to go lower about 6 days prior to my entry. So this is the second time prices will attempt to go down so I like the odds.
Middle red line is my 1st target. I’ll take off 1/2 my position here as that will cover my initial risk. The bottom red line is my 2nd target where I may take off 1/4. Like I said, I don’t trust the market to follow technical analysis books – this is a clear cut downtrend but expecting prices move down below the previous low is a lot to ask for.
Like I said, even if I’m wrong, I like profiting. If I subscribed to the 4:1 rule with my full size, I’d be pulling my hair out at any bounce or movement against me. Peel off some money as it moves down. I like it.
Actually, no watch list stocks today as it is Friday and I don’t take swing trades on Friday. So will manage these positions today and look for new picks over the weekend.