As there are a substantial number of trade ideas listed in Active Short Trades category, I plan to go through the charts in detail this week and update as many of the trades as possible. At quick glance, I see two trades that have exceeded their previously suggested stop parameters. COL moved well above the suggested stop of 60.30 and as such, will be considered stopped out and moved to the Completed trades category. However, as a case was made for a long-term short based on the weekly charts, any longer-term term traders still in this one might note that COL is currently backtesting the lower uptrend line of that rising wedge pattern on the daily chart and just shy of a key downtrend line as well. (shown here on this updated 2-day period chart). Therefore, one could give the stock a little more room and I may also revisit COL for another short entry soon.
The other trade that I’m following closely and I am still short is VAL. VAL has exceed the previously suggest stop by less than 1 point (1 dollar), which was just over a 3% loss from entry and in reviewing the charts, I believe was too tight/close to entry for an objective stop, especially considering that I may likely add additional downside targets. I will update that chart in a follow-up post soon as well as any other Active Short Trades that are at or near important technical levels.