Wash. Rinse. Repeat: AXP has come full circle after hitting my 3rd & final target on the previous short trade, bouncing from there (as expected) and now setting up for the next short trade with a sell signal to come on a solid break and/or daily close below this new uptrend line.
Screenshot from the Feb 11th Swing Trade Ideas video, highlighting AXP as “..ready to go” & stating “I would sit tight & hold out for these longer-term targets”. AXP triggered a clear sell signal on a solid breakdown below that uptrend line 6 trading sessions later, going on to hit the 3rd & final price target for a 28% profit & reversing from there.
AXP Feb 11th video screenshot
…and the updated daily chart of AXP below, with a sell signal to come on a solid break and/or daily close (more conservative entry, albeit at a potentially lower price). Stops should be commensurate with one’s preferred price target(s) using a favorable R/R of 3:1 or better. Also, note that AXP will most likely move in tandem with the recently posted MA (MasterCard) short trade, and as such, one should make sure to factor in that high correlation between the two (and/or V, Visa) if taking both (or all 3) positions.
AXP daily June 10th