Not in this one yet. Wanted to see some strength come back into it after it fell to support. Will now look to get in on a pullback to around $52.
The technicals provide for a decent reward:risk trade even
if the price stays in this range. BUT, I like the growing earnings for this company, which opens up the possibility of a bigger run to the upside if they keep posting good numbers.
If we do break to the upside (out of this recent range) then I would like use a trailing stop loss instead of the second target. The second target is a just a guide for establishing a reward:risk ratio. If it starts to run, I will let it run, waiting for a close below the ATR Stops and then closing the trade if the price continues dropping after that.
The technicals provide for a decent reward:risk trade even
if the price stays in this range. BUT, I like the growing earnings for this company, which opens up the possibility of a bigger run to the upside if they keep posting good numbers.
If we do break to the upside (out of this recent range) then I would like use a trailing stop loss instead of the second target. The second target is a just a guide for establishing a reward:risk ratio. If it starts to run, I will let it run, waiting for a close below the ATR Stops and then closing the trade if the price continues dropping after that.
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/