As we can see over the past few days a strong rotation is taking place. Growth stocks are on the decline (providing lovely long term position opportunities), and some other stocks like Overstock are breaking out! I entered yesterday betting that the breakout was true and it was confirmed this morning with a huge gain. My TPs are on the chart. I’m going to TP 25% on each position and put the money to the side for another opportunity; which is something I’ve learned is smart to do over time!
This is not a fundamental based trade as I don’t know much about Overstock, this is purely a technical play. Be patient if you are in or considering getting stock in this asset.
This is not a fundamental based trade as I don’t know much about Overstock, this is purely a technical play. Be patient if you are in or considering getting stock in this asset.
Comment:
TP1 achieved. Holding for TP2/TP3 and putting my stop in profit.
Trade closed manually:
Because of this parabolic type move I have closed all positions open as of mid day on the 13th of September. The movement was too quick for my discipline, I was lucky to catch a huge run that happened very quick but I didn’t quite know why. I typically don’t stick around in trades that happen that fast unless I have ultimate conviction and have done my due diligence in regards to the long term outlook. I’ll look at it again once the stock calms down a bit. Congrats if you took the trade with me!
Be sure to check out my revamped stocktwits feed! @cj3w
Be sure to check out my revamped stocktwits feed! @cj3w
Comment:
THIS IS WHY YOU STICK TO YOUR RULES! What a disaster of a situation WOW!
