The following short trades will be moved to the Completed Trades category. Some of these trades were profitable, hitting a price target before bouncing while others were stopped out for a loss. In in effort to streamline the number of Active Trades on the site, I plan to continue removing any trades that no longer offer a clearly favorable risk-to-reward (R/R) profile throughout the week. As of now, all remaining Active Short Trades have been reviewed and still look bearish at this time although several are approaching their suggested stop criteria or may be removed should price continue much higher.
MDCO- Hit first target for a 9.3% gain and has since moved higher while the stock no longer offers a clearly favorable R/R profile.
NKE- Exceeded previously suggested stop criteria.
REGN- Moved back inside of wedge pattern shortly after breaking down and went on to exceed the previous highs, triggering any reasonable stops.
SKYW- Hit first target (12.30, to the exact penny) for an 11.6% gain on Aug 30th and reversed immediately from that level. The stock isn’t far above the entry price and may still move down towards the lower targets but the recent price action has been sloppy and the charts are no longer clearly skewed bearishly. Those still in the trade might consider a stop somewhat above Friday’s high of 14.51.
UAL- Hit the first and only price target of 28.70 (and then some) back on Aug 27th for a 13.2% gain and should have been moved to the Completed Trades category at that time.
NLFX- Triggered an partial entry on a break below the rising wedge pattern but found support on the top of the highlighted minor support zone and bounced from there. A break below that support zone was the preferred entry criteria to bring the trade to a full position but NFLX just continued climbing higher after tagging that support and has exceed any reasonable stops. However, with the stock now approaching resistance on the weekly chart while the indicators continue to diverge, this one may be added back as a new short trade very soon.