The following short trades will be moved to the Completed Trades category. While none of these trades reached their final price target, many of these trades did hit one or more profits targets before bouncing & exceeded their previously suggested (or any reasonable) stop level(s). As the charts on some of these trades still remain longer-term bearish, feel free contact me if you are following any of these trades & I will be glad to post or email and updated chart with comments. There are a few Active Short Trades under review that may be removed soon as well but the [...]
CRM was added as a long-term swing short candidate back on April 4th at a split adjusted price of 41.78. The stock made a large gap up today following their earning release which bring the stock just above one of the suggested stop areas. In that original post, a stop around the 48.40 level (around 3% above the previous split-adjusted highs) for those targeting T3 and more aggressive or more liberal stops for those targeting the earlier or final target (T4). At that time my preferred target was T3 but with my current expectations for considerable downside in the broad markets [...]
CRM still offers an objective short entry or add-on to an existing position following the recent backtest of the daily uptrend line. Helping to confirm the entry/add-on is the fact that both the MACD & RSI are rolling over on the daily frame. Note how most prior reaction highs were confirmed by such bearish MACD crossovers & the RSI rolling over from overbought (70+) levels. Daily & weekly charts:
I spent some time pouring over the charts last night looking for trade ideas. In doing so, I came up with numerous candidates, both long and short. Some of these trade ideas are already listed as Active Trades on the site and/or Trade Setups while many are not. I'm going to start with the short trades here & plan to follow up with some of the Long Trade Ideas soon. Some of these trades are currently offering objective short entries at current levels while others are still setting up in bearish chart patterns, awaiting a formal breakdown or sell trigger. I [...]
CRM has once again broken below the primary uptrend line on the weekly chart (after a brief move below a couple of weeks ago). CRM is therefore offering another objective add-on or new short entry and remains one of my favorite long-term swing short positions. Weekly chart with targets shown here but one preferring a typical swing trade period could use the daily chart targets (click on the CRM link at the bottom of this post to reference the previous charts/notes).
The CRM short trade had a 4 for 1 stock split on Thursday so I've updated both the daily & weekly charts, including the price targets, to reflect the split adjusted prices. Also note that since the previous post and short entry on April 4th, CRM did indeed break below the nearly 4 1/2 year primary uptrend line as expected. This helps confirm the short entry based off the daily chart and makes CRM one of my favorite long-term swing trades at this time, with a potential gain of over 50% to the final weekly target (T4 at 19.25). My preferred [...]
Although I made the decision, for various reasons, not to have an open discussion forum on this site, at least not while I continue to build it out, I do welcome feedback, questions, and trade ideas via the Contact link found under the Resources tab at the top of the page. Last night, a follower of the site brought the recent CRM short trade, which was stopped out about a month ago, to my attention. I had taken the stock off my radar but as Rick has pointed out to me, CRM looks as good, if not better, for a long-term [...]