Reasons: 1. Low-risk entry point 2. Confirmed stage 2 uptrend 3. Develops a mini cup and handle with VCP characteristics 4. Dried-up volume, indicating all the selling has been exhausted 5. Huge volume on breakout 6. High relative strength stock 7. More stocks are setting up and breaking out
Flaws: The market is still in a hard-penny environment with only 31% of total stocks above the 200-day MA
Trade active
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I sold half into strength at a decent 10% gain today.
Trade active
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I sold another half into strength at 20% gain today.
Trade closed: target reached
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Sold my last position today at 5% gain on slippery after I set the stop at my backstop level.