jaxdog

$VIPS Retesting Breakout?

Long
jaxdog Updated   
NYSE:VIPS   Vipshop Holdings Limited
Looks like VIPS had been basing for about 5 months before breaking out of resistance on June 6 on slightly better than average volume. Since that breakout and peak on June 15th, it has been pulling back to the breakout area. I like these retest entries. Depending on the market today and the performance of VIPS , I will be looking to enter a trade on the long side. All TBD. See notes on chart.

Ideas, not investing / trading advice. Constructive comments always welcome. Thanks for looking.
Comment:
VIPS looks a little better on a weekly timeframe.
Trade active:
Opened a 1/4 size position with a stop below support / resistance line. In @ 16.65. Looks like a good RR here. Let's see what happens. I can only control risk with my stop now. I'll look to build this position as price dictates.

Ideas I publish are my own. These are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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