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AA Stop Triggered

The AA (Alcoa Inc) long trade hit the first target, T1 at 11.13 for a quick 8.5% gain on April 27th. At that time, along with my concerns for a correction in the basic material sector, it was suggested to raise stops to any print of 10.85, which so far was the LOD in AA. This revised stop provided a 4.6% for those that did not book profits at T1. As such, this trade is will now be removed from the Active Trade category with all associated posts to be reassigned to the Completed Trades category.

AA daily May 2nd

AA daily May 2nd

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3 Comments

  1. Gaucho May 5, 2016 4:53 pm at 4:53 pm

    Hi Randy,
    AA has gone down, it has touched a support trendline with line points: 02/27/2009, 09/03/2013
    You have closed the trade,
    Do you think that there is a chance to open (long or short) the trade again?
    Regards

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    • rsotc May 5, 2016 9:27 pm at 9:27 pm

      @gaucho – Quite likely but not just yet. I see as least another 1% downside on both AA & the basic materials sector (XLB) and quite possibly as much as 9% downside until I see what will likely be an very objective entry on AA, assuming that the charts confirm if & when we get there (9.15ish level on AA).
      Best to sit patiently & wait for a trade to come to you when the odds are clearly in your favor. We’re just not at that point in AA nor the basic materials sector yet. Please drip on me with this one though as often my focus turns elsewhere & some of the trades that I had intended to revisit end up falling off my radar. As of now I am short the basic materials sector & only focus on where & when to cover but doubt that I’ll be reversing immediately from short to long.

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  2. Gaucho May 19, 2016 12:23 pm at 12:23 pm

    Hi Randy,
    AA has reached the bottom of the rectangle (around 9).
    XLB cross the support around 46.24.
    Let me know your opinion.
    Regards

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