consider booking full profits on the LSI short as T5 (final target) has been hit and this trade will now be moved to the Completed Trades category.
as i continue to update the active trade ideas, here's an updated 120 minute chart for the LSI short (last chart) with the previously posted charts in chronological order for anyone who gave it some room on the bounce following the tag of the first target and is holding out for one or both of the additional targets. this trade is so far at an 18.8% gain from entry and would be a 24% gainer if T5 is hit. first chart is the original daily chart, then the 60 minute charts showing the entry then the first target hit but i [...]
the following trades were stopped out last week: IMOS, BBBY, INTC, SPG, IYR/SRS, XLK, UPS, LSI. i'm still watching some of these, particularly SPG and IYR for re-entries.
T1 is now hit on the LSI 60 min frame but i still favor at least T2 on that time frame and my swing target remains as marked on the daily chart. just make sure to define your time frame before entering a trade (or adapt as conditions change once in the trade). a more nimble trader might book profits on the earlier targets, maybe even re-entering the trade once those levels are taken out while a swing-trader with a longer time horizon might only focus on the bigger targets and might find the earlier targets useful for re-setting stops or [...]
this one has actually already triggered as per the 60 minute channel breakdown but still have plenty of room to go (depending on how the stock opens on tuesday). daily chart shows the extremely over-extending run, with hardly a pause on the way up with the RSI finally turning down from an extended stay in overbought territory (a cross back down below the 70 line is often a good entry signal for shorting overbought stocks) while the macd is making a bearish cross-over as well. the bearish engulfing candlestick also adds to the case for a pullback trade while friday's break [...]