I am seeing a lot of names out there with similar wedging patterns. I like these types of patterns as they have a fair success rate (probably about 33%, none scientific). The retail sector as a whole is doing well and $BBY is no exception. I'll be looking to open a starter position if it can move over and hold $110. TBD. If I take the trade my stop will be below yesterday's low. Ideas, not investing / trading advice.
Comment:
Opened a starter position (1/3) @ $110.67 My stop will be yesterday's closing price. All trades for now have very tight stops. They either take off or I'm out. Market still has a lot to prove to go all in.
Trade active
Comment:
9/30 added another 1/3. Now 2/3 position add at $111.05 - Avg cost $110.86
Comment:
Moving stop to $111. Basically break even, so can't lose on this trade now.
Trade closed manually:
10/6 - Closed this trade early due to market weakness for a small profit. I'll re-evaluate too see if a new trade is warranted.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.