gingerheadtrader
Long

AEO trading in a channel

NYSE:AEO   AMERICAN EAGLE OUTFITTERS INC
Look at this beautiful channel that AEO has been building for us to milk. This seems like a no brainer play to me. I'll be buying now with a stop loss right below the lower trendline . I'll only sell if it CLOSES daily price action below this trendline . One lesson I've learned recently is that intra day price action does no accurately follow trends on daily charts .
Comment: I've never had an idea play out by the books, there's always a curveball to navigate. This idea ended up playing out perfectly. Take profits here.
Nice trade! Looks way too high to get in at these levels. Nice place for profits.
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@AnkurSethi, You were 100% correct. Looks like $AEO blamed underarmor for their missed estimates on the last earnings call. Stock dropped back down to the bottom of the channel, but I don't think I'd buy more shares here.
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Called it!
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