ERY LONG position on breakout of downward trendline

ericsolan Updated   
AMEX:ERY   Direxion Daily Energy Bear 2X Shares
As ERY broke its minor downward trendline and came back down close to a retest, a long position is entered with a tight stop.

Factors leading to the decision:
  • The small recent downtrend has been broken, then price came back near the trendline to test it
  • Price has re-attempted the recent high, showing strength
  • A recent high offers us a place to put a logical technical stop

As always, respect a tight-stop. If it rips up, let it run and trail stops behind.
Trade closed: target reached:
Target reached. One can either exit here or trail a stop behind. A good stop might be mid-way up this latest bar, so around 69, since we dont want to lose these gains. Let it run if possible and trail stops up
OK so apparently loading up on this trade would have paid off a mortgage (sidenote: i did not). Sometimes you get very lucky on trades. Never stop trading, take the small losses and always be in position for the big one because you just never know.
Stop would be moved to 161 here
Trade closed: stop reached:
Stop was reached at 161 - the trade pulled in 110 points

Kill those losing trades fast... trail the winners

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