https://rightsideofthechart.com/rost-trade-update-near-long-term-price-targets-2/ Stock Trading, Investing & Market Analysis Sat, 02 May 2020 00:41:27 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://rightsideofthechart.com/rost-trade-update-near-long-term-price-targets-2/#comment-11192 Tue, 04 Apr 2017 18:11:11 +0000 http://rightsideofthechart.com/?p=181706#comment-11192 Thx Shambo. This trade is only profitable by a few percentage points so nothing major at this point. I just wanted to impress upon the fact that with more & more charts that I’m seeing lately, what may appear to be simple counter-trend pullback short trades within a larger ongoing bullish uptrend, actually have the potential to be the beginning of a much larger correction or bear market with longer-term bull market trendline & key support levels breaking down on the more significant weekly time frames.
As a rookie trader, I would get lost in the intraday or daily time frames at times, forgetting to check the more significant weekly time frames for bullish or bearish technical developments, key support & resistance levels, trendlines, etc… One of the golden rules in both swing trading & investing is to cut your losses & let your winners run so I just wanted to point out for those that have the patience & agree with my read on the long-term chart of ROST that this could be the start of a much more significant correction rather than a quick 7% counter-trend swing short trade to the 61 area.
After a very strong advance in the broad markets like we had in recent months, it has been my experience that not only are a lot of traders afraid or uninteresting in taking short trades, even if the chart patterns are clearly bearish, but those that do often tend to book quick profits as they are most likely coming off a period of watching a lot of short trades that started out profitable quickly reverse shy of their price target(s), going on to then turn a profit into a loss after being stopped out.
Same story in reverse after a correction or bear market with traders being stopped out of one too many longs that looked like promising bottoming trades, only to go on to make one or two more lows before a lasting bottom was finally put in. Best of luck if you’re in this one.

]]> https://rightsideofthechart.com/rost-trade-update-near-long-term-price-targets-2/#comment-11191 Tue, 04 Apr 2017 17:43:42 +0000 http://rightsideofthechart.com/?p=181706#comment-11191 yes, nice one Randy.

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