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AKS Swing Trade Entry & Setup

AKS (AK Steel Holding Corp) offers an objective short entry here on this break below the 9.75 support level. Suggested stop above 10.40 with T2 (7.74) as the current final target with the possibility of an additional target to be added soon. AKS along with the steel sector & some other individual steel companies & the steel etf, SLX, were covered in detail in yesterday's Steel Sector Analysis & Trade Ideas video. The 60-minute chart below lists the price targets & reasoning for a short entry at this time although the case supporting a short trade on AKS was also made via analysis of the daily & weekly charts which can be viewed in that video by clicking the link above.

AKS 60-minute Jan 13th

AKS 60-minute Jan 13th

 

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Jan 13, 2017 2:35pm|Categories: Completed Trades - Short|Tags: |5 Comments

5 Comments

  1. Alwayswrong January 13, 2017 2:40 pm at 2:40 pm

    Do you mean 10.40 for a stop

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    • rsotc January 13, 2017 3:00 pm at 3:00 pm

      Yes, I meant to type 10.40 for a stop, not 9.40 (which is below the current price). That stop was calculated using a 3:1 R/R to the 2nd price target (i.e.- roughly a 7% loss if stopped out vs. 21% profit if T2 is hit) as well as strategically placed somewhat above moderate resistance around 10.40, which should contain any rallies at this point. Thx for pointing out the typo, I have corrected it in the post above.

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  2. stock51 January 13, 2017 2:54 pm at 2:54 pm

    thank you

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    • rsotc January 13, 2017 3:04 pm at 3:04 pm

      You’re most welcome but probably best to hold off thanks until you’ve closed the trade with profits booked…lol. 😉

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      • Ruben January 13, 2017 3:17 pm at 3:17 pm

        wow. look at the reversal on X as well

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