In updating the trade ideas today, the following stocks will be removed from the Active Trades category to the Completed Trades category in order to focus on the most attractive opportunities at this time. Many of these trades have already hit a profit target or remain profitable at this time while a few are slightly underwater at this time. HOV- Although this trade is still profitable and may very well continue lower to hit one or both of its price targets, HOV has been locked in a frustrating trading range ever since the entry earlier this year. In order to focus [...]
Before I comment on the markets and SBH, I just wanted to mention that the posts will continue to be on the light side this week as I continue to work on some technological issues on several fronts, both with programming on the back-end of the site as well as my primary computer. I have a new power supply unit being shipped out today which hopefully should resolve the issues that I've been experiencing & I should be able to restore my focus on the markets, updating the existing trade ideas as well as adding some new ones. In looking through [...]
many of the active trade ideas, both long and short, often provide very objective levels to add to a position or recycle back into one, if you had taken profits as one or more targets were previously hit. on long-side trades, look for pullbacks to a previous target or other key support level, maybe a re-test of a trendline or technical pattern that was recently broken. ditto for short trades although you'd be looking for a bounce back to a key resistance level, such as a former target, as was the recently the case with the CMG short when it made [...]
the SBH short setup was triggered friday on a breakdown & closed below both the previously posted daily and weekly uptrend lines. based on further review of the charts combined with my outlook for the broad markets, i have added a third target (T3) at the 12.60 level, over 50% below current levels. however, at this point with the broad markets yet to show any technical confirmation of a reversal, i currently favor the first target on this trade, which still offers a nice R/R of about 4.3:1, although a one could easily lower their stop considerably lower, say just above [...]
things could get ugly for sally beauty holdings (SBH) on a break of this uptrend line. negative divergences in place as this stock may have just put in the finishing touches of an over-extended run. short entry would be triggered on a break of the uptrend line (on the daily chart). weekly and daily charts below. btw- the symbol "cloud" under the trade setups section has been restored.