Daily MFI went oversold which is very bullish, plus I think ES1! (SPX futures) fills the open gap above.
Not sure if it does it this earnings or July, but I think PCAR hits my $82 target then drifts sideways for a while.
If today wasn't the local double bottom, I'm adding on the drop.
I also revised my wedgie into a parallel channel.
Not sure if it does it this earnings or July, but I think PCAR hits my $82 target then drifts sideways for a while.
If today wasn't the local double bottom, I'm adding on the drop.
I also revised my wedgie into a parallel channel.
Comment:
Note: Old resistance is the new support, and that seems to be holding true for now.
Trade closed manually:
Closed this out for now so I don't have to sit and watch all day.
Expecting the market to dip tomorrow, will watch it and see if I want to get back in because daily RSI did hit oversold.
Expecting the market to dip tomorrow, will watch it and see if I want to get back in because daily RSI did hit oversold.
Comment:
Note: I'm bullish on this stock, but I only hold long positions on days when I expect the market to go up. Not sure about direction tomorrow.
Comment:
Wish I had held yesterday, lol. I just don;t like to hold any long positions when I expect the market to go down, and every index is red today.
Comment:
Gap filled after all, lol. Should have been more confident in this stock.
Looks weak after the gap fill though and I think it takes a dip tomorrow. Will wait to go long again.
Looks weak after the gap fill though and I think it takes a dip tomorrow. Will wait to go long again.
Trade active:
Was hoping for more of a dip, but I figured PCAR would go green wit the market today so bought some while it was red.
Chart pattern shows a possible dip to $71, so I didn;t go all in
Chart pattern shows a possible dip to $71, so I didn;t go all in
Comment:
Tempted to sell this since it's underperforming the market, but my other positions are doing OK, so holding only because it's my favorite stock, lol.
I'd have to say, I'd recommend SPY over PCAR right now because SPY futures (ES1!) has a gap above to fill.
I'd have to say, I'd recommend SPY over PCAR right now because SPY futures (ES1!) has a gap above to fill.
Trade closed manually:
Up 1% when ES and NQ are overbought? Taking the easy money, will buy the dip later this week.
Comment:
For those of you that don't follow me, I tend to trade off of SPX futures (ES1!). that's how I time the market.
Generally speaking, if you buy PCAR (or any other stock) when ES1! goes oversold then you increase your odds of making money. For the most part PCAR goes up when the market does.
Waiting for at least one of the indices to go oversold before re-entering this trade.
Generally speaking, if you buy PCAR (or any other stock) when ES1! goes oversold then you increase your odds of making money. For the most part PCAR goes up when the market does.
Waiting for at least one of the indices to go oversold before re-entering this trade.
Comment:
Wow, this looks ugly. I did post that I sold yesterday morning.
PCAR is moving with small caps, and unfortunately at a faster pace. I may not get back into this because it drops faster than it goes up. I think I'm going in only as a gap play when we get a big gap.
PCAR is moving with small caps, and unfortunately at a faster pace. I may not get back into this because it drops faster than it goes up. I think I'm going in only as a gap play when we get a big gap.
Comment:
PCAR is moving with industrial, as I mentioned below, CAT has better options liquidity with weekly options available. Not to mention it doesn't fill gaps like PCAR does. Next time I'm bearish on PCAR I'm buying CAT puts, I usually do GM but that's basically at the bottom already so CAT has more room down.
Comment:
I love this stock, but I'd have to see a definitive reversal pattern or an open gap before I get back in.