Due to the current crisis, I have been focusing on relative strength names to take long positions. The choice of choosing relative strength names to buy is imperative in the current market conditions; while there are a lot of companies suffering from the current crisis, there are also companies flourishing. My current holdings, DOCU and KR, are both strong relative strength names and I am continuing this trend with SE.
SE ran past all time highs last week and in currently consolidating in a flag pattern. This pattern is called the First Flag as a stock that recently broke out creates a flag pattern right above ATH. SE broke out today and I bought SE into the pullback at around 12:00.
Entry - 55.16
Stop loss - 53.45
Target - 61
SE ran past all time highs last week and in currently consolidating in a flag pattern. This pattern is called the First Flag as a stock that recently broke out creates a flag pattern right above ATH. SE broke out today and I bought SE into the pullback at around 12:00.
Entry - 55.16
Stop loss - 53.45
Target - 61
Trade closed: stop reached:
Markets whipsaw forced me out of this position this morning for a full stop at 53.45.