I bought 300 shares of ANR at $50.05 based on the trend pullback setup. I had placed a buy stop this morning for the following reasons:
1. The stock has been in a sustained uptrend
2. On Friday it bounced at a major support level
3. Stochastics crossed over at near oversold levels
4. Strong OBV and volume pattern
My stop is at the recent pivot low, around $47.50. My initial targer is the recent high right around $55.
4 comments:
Looks like a good set up!
I like the setup but the R multiple is a tad low 1.94. I try to keep it closer to 3. I like your blog- I'm new and like your style. Thanks for sharing.
Betta
Andy,
I don't focus on R as much as others do. I have a high win rate (although this trade is almost at my stop), so as long as the risk is at least 1:1, I'll make the trade.
Also note that the target was my *initial target*. At that point I may take off the trade completely or take partial profits if I think the stock will break to new highs (decision made based on volume).
I see was back in the day at 50$. Please tell me where can I trade ANR now ? Everyone is obsessed with forex !
Post a Comment