Enter when price clears 109.63 With daily volume greater than 34.68M Target: 123 area Resistance: 112.64 & 117.78 Depending on your risk tolerance: 105.12 gets you 3/1 Risk/Reward
This trade idea is not trade advice. This idea is strictly based on my ideas and technical analysis. No due diligence or fundamental analysis was performed while evaluating this trade idea. Do not take this trade based on my idea, do not follow anyone blindly, do your own analysis and due diligence. I am not a professional trader.
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Broke 109.63, but not enough volume, will keep watching and hoping for more volume.
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Very strong volume right out of the gate.
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Sold 1/6 of my position - I usually sell in 25% or 33% increments, but I feel like this one is going much higher.
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Resistance at 123.26, I will consider reducing my position at are near that price range.
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Revised target: 129 area.
Sold 1/6 of my position. Still holding 2/3 of my original position.
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Targets are areas - no one can say with certainty that a stock will reach a target - it's an estimation based on how I read the chart. If a stock starts to show signs of weakness, take your profit and run. You can always buy back if you need to, but it's best to take profit and wait for the next buying opportunity (as a swing trader).
This stock has already reached the initial target ($123) I set on April 29th. The rest is gravy for me, if it hits the revised target of $129, great! If it starts to show signs of weakness, I'll take some off and eventually sell my remaining 2/3 position.
NO stock goes up forever, typically when a stock get's this far 'stretched' or this far over bought, it will retrace. Watch for it and make sure you don't lose those profits.
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Sold 1/6 of my position, leaving me with 1/2.
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Enjoying the ride.
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I added to my position today.
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Sold 1/2 of my open position today. While it's still a few buck from my 129 target (but over my original 123 target), I feel like the market has to pull back eventually - especially Nasdaq.
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I’ll add to my position if/when price clears 127.05 on greater than 30M in volume.
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I do plan to sell the remainder of my position when my target is hit. Nothing goes up forever, but I'll definitely be watching for a new entry opportunity.
Trade closed: target reached
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Exited at 129 even. Will watch for (and post) my next plan for entry.
@distinctKing32139, actually, I don't buy pullbacks until I think they have confirmed they can go higher. In this case, that would mean the price of GOOG would have to break back over 129.04 (previous high on June 7th) and it will need volume that exceeds that of June 7th as well (52.539M). If price breaks 129.04 with greater than 52.539M in volume, or at the very least very close to that, I will take that as confirmation that this stock wants to go higher and take a new entry. Right now, I think this stock looks like it could go lower before going higher. The volume today was much less than average, the candle (graveyard doji I think they call it is ugly), and the stock is quite extended (up like 23% from May 7 to June 6), so there is a decent change it will pull back further before continuing it's move up. I never predict, I just play what I see. If it continues to pull back, I'll wait. If it moves up past 129.04 with volume, I'll enter.
* For years I was burned trying to buy pullbacks (and timing my buy based on a green candle or two). Even though we had a green candle today (an ugly one), I wouldn't be surprised to see price continue to pull back or trade sideways before going higher. Again, I don't predict, so this is not a prediction, I play what I see. If I see it confirm it can go higher (break 129.04 with volume), I'll buy. Until then, I'll watch.
That's a lot of repeating and a lot of words, hopefully it makes sense. :)
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@cphelpsone, oh and one other thing. Yes, it means I would actually be re-entering at a price higher than what I just sold my remaining shares for. Seems like I should have just held on and not sold in the first place. I'm OK with that, it's basically me acknowledging that my target was wrong and the stock wants to go higher. And yes, I could buy now and take advantage of the dip and earn some extra money if it does get back to 129.04 - but I can show you thousands of examples where that just doesn't work. I'll gladly wait for confirmation, I've learned that entering a trade before a stock tells you it want's to go higher costs you more than it earns you. Check out the pullbacks that looked like they might go higher but failed (8/25/22, 9/12/22, 10/4/22, 10/28/22, 12/13/22, 2/15/23).
distinctKing32139
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@cphelpsone, thank you for the detailed response. I really appreciate it. Keep up the good work.
grapegatsby168
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Like it hits 129 before any pullback or that it'll eventually hit 129?
tradepatiently
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@grapegatsby168, I would expect multiple pullbacks before 129. I sell on the way up, and will occasionally buy the small pullbacks if the stock is still looking strong.