CINF
Hey, traders.
The market gave us a surprise yesterday due to interesting news.
During trading, bank regulators weaken Walker's rule by allowing banks to participate in venture capital funds.
Already after trading: The Federal Reserve limits bank dividends and prohibits buyback of shares until September.
Apparently, banks have serious problems.
If the positive news remains, the SPY may retest the upper level of channel 313.1.
I summed up the statistics for June today:
22 of my ideas worked well.
Not all of the selected papers went on the same day, there are at least 3 other instruments, which I have been watching for quite a while.
Thus, the percentage of positively selected instruments: 70.9%.
I consider it to be quite a good result for me.
However, I must admit that it is especially difficult to trade on this type of market.
For some instruments, for example, there were not always entry points.
The last days were especially difficult.
I admit, with the abolition of self-isolation, it's harder and harder to spend a lot of time writing ideas. I have to do my basic work as well.
Anyway, it's a new month, so it's time for work again.
The CINCINNATI FINANCIAL CORP is on the list today.
What we see on the chart:
1. Level, formed on June 4, which was confirmed several times.
2. The fall of June 11 was bought back.
3. False breakout on June 16 did not give us a strong impulse, the paper did not roll back down.
4. We observe a set of positions by a large long player and a series of close retests.
5. I expect further compression formation under the level.
Safe scenario:
Entering the long after the breakout and level retest.
Stop Loss is placed under the level.
Aggressive scenario:
Put Buy Stop above the level and wait for the breakout.
We must look at the SPY behavior. The directions of these two tools should coincide.
Stop loss is placed behind the breakout bar.
Trade closed: target reached