The following trade ideas have been removed from the Active Short Trades categories as they have either exceeded their previous suggested stops (or any reasonable stop, if none suggested) or the stock simply no longer looks to offer an attractive R/R at this time. Some of these trades may have already hit one or more profit targets while others did not. Most trade ideas on RSOTC are immediately removed from the Active Trades category upon reaching the final profit [...]
The MRK (Merck & Co.) short setup that was posted yesterday went on to trigger a short entry on a gap below the bearish rising wedge pattern today. While one could have certainly shorted the opening gap or the ensuing rip higher that followed, which was the ideal entry since that brought prices back up to make a perfect backtest of the pattern, MRK is once again offering another objective short entry around current levels as the stock has now reversed off the 61.8% Fibonacci retracement level of the move down from yesterday's close to today's low (LOD) of 55.52. [...]
MRK (Merck & Co.) will trigger a short entry on a break below this bearish rising wedge pattern. Stops TBD upon entry. T2 is the current preferred swing target. click here to view the live chart of MRK MRK daily May 6th
The trade ideas have now been updated meaning that stocks/etf's listed in the Trade Setups category (longs and shorts) have either yet to trigger an entry or they are Active Trades that either still offer an objective entry around current levels or my be close to triggering another entry or add-on, such as the break of the next support/resistance area. I have decided to leave some of the Active Trades on that may have exceeded their previously suggested stop level if those trades still look good at this time. In fact, many of the Active Trades that do not also appear [...]
The MRK short has hit the top of the first target zone for an 8.4% gain from the original entry. Although I do still favor T2 as a swing target on this trade, with the markets at key support/targets, a bounce first is likely.
I've put together a comprehensive video analysis of the S&P 500 index including technical overviews on 22 of the largest components of the sector, similar to my recent $NDX/QQQ top 10 holdings video. I do have to warn you that at 39 minutes, this is my longest video yet. Therefore, this is my gift for you insomniacs, masochists and those who are gluttons for punishment. All kidding aside though, if you don't want to sit through the entire video you can skip to the sections that you might be interested in. The video starts with an overview of the $SPX beginning [...]
i am shorting MRK here as it flirts with it's multi-year highs and adding it as an active short trade. more aggressive traders might consider a short here near the top of the bearish rising wedge patterns with the appropriate stops above or maybe a 1/2 position here while adding the second lot on a breakdown of the rising wedge pattern. more conservative traders may still want to wait for a confirmed breakdown of the pattern as per the previous post before establishing a position. my preferred target remains T2 for now so an ideal stop for someone targeting that level [...]