GOOG 60 Minute May 27th
I have decided to book full profits on the GOOG (Google Inc.) long-side trade/hedge which was posted as a long entry on April 25th while at trendline support. GOOG has now retraced 50% (a key Fibonacci level) of the roughly 18% correction following the all-time high in the stock put in back on Feb 26th. GOOG is currently trading at 560.04 for a gain of 8.2% from entry about 4 weeks ago.
As stated at the time of entry I was only looking to play on oversold bounce on GOOG and use it as a hedge to my QQQ short position. I had also stated I would determine the profit target(s) depending on how the QQQ/$NDX traded going forward. As the near-term trend in the $NDX and GOOG is still solidly intact, GOOG may very well continue higher. Therefore, one might consider just raising stops and/or only booking partial profits at this time. However, GOOG will be now be removed from the Active Trade category and moved to the Completed Trades category to be archived for future reference. Updated 60 minute chart shown.