I realized that I stated the stops on FB as any move above yesterday’s highs and so technically (for tracking purposes), the trade posted yesterday will be considered stopped out for a very modest loss. Despite that fact that yesterday’s highs were taken out by a very small margin today, nothing has changed technically on the stock & in hindsight, particularly when viewing the profit potential of the trade, I should have stated that a suggested stop be place somewhat above yesterday’s highs. An idea stop based on the minimum downside target of 85.57 (and yesterday’s entry around 90) using an attractive R/R of 4:1 would be 91.11.
FB 60 minute July 15th
Again, I will consider yesterday’s trade stopped out as in my haste to post the setup before the close, I did not have the time to properly calculate the suggested stop parameter. As I still believe this trade looks promising, FB will be added as a new Long Trade idea (current price is 90.21, just slightly above where it was trading when posted yesterday). T1 remains 85.57 with the possibility that additional targets may be added. Also note that FB is scheduled to report earnings after the close on Wednesday, July 29th, which is roughly inline where I estimated that prices will hit the mid-point of the channel in yesterday’s video.