Upon further review of the charts, I have decided to close the FSLR long trade early. The current FSLR long trade was entered back on Oct 16th shortly after closing a previous long trade on the stock for a 55% gain just two months earlier. As of Tuesday, this trade was up 58% from entry and actually at the T3 target on the daily time frame that I had pointed out previously and I though about closing it then but regrettably didn’t. The stock has since come in a bit with the pullback in the broad markets but is still up about 48% from entry. Based on my analysis of the 4 hour chart (shown here) as well as the increased risk for additional downside in the broad markets, I am closing FSLR immediately and removing it as an Active Trade. Longer-term investors that plan to hold out for additional gains should consider adjusting their stops accordingly to assure profits on the trade.
For those receiving automated post notifications via email: I have now completed reviewing & updated all of the active long trades except for GCAP, which still looks fine as it is trading comfortably above the entry price of 4.23. However, if long, you might consider raising your stop above the previously suggested level to assure at least a breakeven on the trade.
NIHD and WLT have been stopped out and removed from the active long trades category while updated charts and notes on PWE, NM, MAKO, and AMKR have all been posted earlier today and can be referenced by scrolling through today’s posts. I will now focus my efforts on updating the active short trades. Typically, I will make an update to a trade only when there is something compelling to point out, such as a price target being hit, prices moving close to or beyond a suggested stop, or a new objective entry. Therefore, some trades may go weeks or even months between updates. Feel free to use the Contact link under the Resources tab at the top of the site if you would like an update to an active trade or setup on the site that you are following.