i posted the QCOM short setup (first chart below) shortly after the close on 9/18 stating that it would become an active short at the following open. turns out that was a text-book short entry as the stock opened higher the next day and made a perfect kiss of both the top of the rising wedge pattern as well as the top of the gap resistance zone that was highlighted… about as objective that an entry can get in trading. the stock then went on to break down from the rising wedge, as expected. this trade illustrates how certain trade setups can offer very objective entries at much better entry prices well before a pattern actually triggers a buy or sell signal.
today QCOM has made a perfect kiss of T1 for an 8.3% gain. therefore, consider taking some or all profits and/or lowering your stops, depending on your trading plan. i do favor additional downside over time but T1 is a pretty decent support level and as such, the stock could bounce before going lower. previous and updated charts below (plus QCOM was also covered in the recent $NDX/QQQ Top Ten Holdings videos).
