In updating the official trade ideas today, I figured that I would post the final updates on the trades for MJ (cannabis ETF), ACB (Aurora Cannabis) and TLRY (Tilray Inc.) as they were all closely related trades on the cannabis sector.
After reversing about half-way towards the first target, MJ hit the suggested stop of 18.92 for a 5.4% total or 4.9% beta-adjusted loss on Nov 7th. Previous & updated 60-minute charts below.
ACB gapped below the 3.48 stop to open at 3.42 on Nov 14th for an 11.4% total or 5.7% beta-adjusted loss and went on to also hit the max. (T4) stop of 3.30 later that day for a 14.5% total or 7.3% beta-adjusted loss. Previous & updated 60-minute charts below.
Shortly after hitting the 2nd price target for a 12.1% profit & gaining over 15% from entry, TLRY reversed within a fraction of 1% shy of the final target (T3) and went on to hit the maximum suggested stop of 22.55* to provide at least a 1% gain for anyone that did not book partial or full profits at T1 or T2 or raise stops closer to those targets when hit. * The max. suggested stop was raised to 22.55 after T2 was hit to assure at least a small profit on the trade. Previous & updated 60-minute charts below.
These trades, along with all previous posts/updates, will now be moved to the Completed Trades archives for future reference.