The stock came back to the same area and is drying dramatically.
creating high chance for short trade.
Entry on Monday open price
Stop loss = 38.39
Profit target 1 = 35.23
The plan :
At profit target 1 exit half of the position . and profit target 2 will be trailing stop and would be updated every day on the close. Start to trail the stop once profit target 1 is hit before PT 1 is hit do not trail the stop.
Plan 2: At PT 1 exit 70% of the position. the 30% remaining will be exited on trailing stop after PT 1 is hit.
Note: on plan 1 or 2
Do not trail the stop until PT1 is hit no trail before PT1 is hit
Trade entry price 36.75
Trade stop loss 38.39
Profit target 1 35.31
At PT 1 execute one of these plans.
1. exit 50% of the position and the second half on a trail stop
2.exit 80% of the position and the remaining 30% on a trail.
we do not have to do anything now we just sit and watch the trade progresses
Note : This is a daily trade it might take some while to develop