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AKS Final Official Price Target Hit for a 20% Profit

The AKS (AK Steel Holding Corp) short trade has hit T2 (the official final target) for a 20.3% profit. Consider booking profits or lowering stops if holding out for the unofficial 3rd target at 6.75. Original & updated 60-minute charts:

While T2 was the official final target, my personal plan is to hold out for a what appears to be a likely move down towards the unofficial third target while lowering my stop to protect profits. I have set a stop-loss order (GTC) at 7.85, which is strategically set slightly above the previous reaction high, along with a standing BTC limit order at 6.76, which is set slightly above the top of the large Nov 9th gap at 6.67. I did this using an OCO (one-cancels-the-other) order which will automatically cancel the other order once either my price target or stop-loss is hit. (edit: shortly after publishing this post & upon further reviewing the charts, I slightly modified my stop-loss from 7.85 to 7.87)

As T2 was the official final target, AKS will now be re-categorized from an Active Trade to a Completed trade, along with all previous posts associated with this trade where they will be archived indefinitely for future reference. There are also quite a few trades that have either hit one or more profit targets or exceeded their suggested stop that are still listed as active in which I plan to update asap. As always, check the previous notes on any Active Trades in order to reference the price targets & suggested stop criteria or contact me for an update if you have any questions.

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Jan 30, 2017 11:53am|Categories: Completed Trades - Short|Tags: |2 Comments

2 Comments

  1. rsotc January 30, 2017 12:06 pm at 12:06 pm

    FYI for those that read this post shortly after it was published: Upon further reviewing the charts, I slightly modified my stop-loss from 7.85 to 7.87.

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    • rsotc January 30, 2017 12:14 pm at 12:14 pm

      Stop hit. May look to re-enter short on a bounce back to around the 8.65 resistance level if it gets there, depending on how the steel sector looks at the time.

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