HPQ was a long trade which I recent officially closed early when it hit the 2nd of it’s 3 targets stating that: “Although I had originally listed three targets on this trade, upon further review of the charts, I believe that the odds favor at least a pullback or consolidation in HPQ before it can build the energy to fill that large thin zone between T2 (14.80) and T3 (16.70), as clearly seen on the volume at price histogram. Longer-term traders could choose to raise stops if holding out for T3…”
As you can see from the updated (last) chart below, the stock indeed pulled back from T2 in fact pulling back 10% from basically that exact level. Any longer-term trader that rode out that pullback and held might now consider booking full profits or at least raising stops as the chance of a pullback is once again high. 4-hour charts in order as posted:
