I haven't touched the stock market for a couple weeks now, but I'm starting to see some nice trade potential again. VLNS (this is a Canadian stock on the TSX) has been trading in a rather broad continuation triangle for days now. Today VLNS closed a daily candle above trendline resistance on the daily chart. My entry price to this trade will be around 1.85CAD possibly slightly higher. My stop for this trade will be rather tight at 1.68 slightly under the breakup candle low from march 9th. I will be taking profits at the last local high on February 10th at (25%) 2.39CAD, I will also take profits at the old high (25%) 2.89CAD. I will keep 50% on the table incase we break above the old high. upon a rejection of the high I will sell the remainder of my stock. The total profit to loss about 5:1. I've also noticed a multi week falling wedge on this chart dating back to April 2019! However I'm not interested in that as this is a cannabis over hyped stock. expected profit will be about 42.5%, the trade is expected to last a few days to weeks .
Trade active:
Entered the trade with 1000 shares at 1.86 CAD. Explosive first day already almost half way to target 1 at 2.39CAD.
Trade closed: target reached:
Reached first target at 2.39 25% profits off the table
Trade closed: target reached:
Reached last target at 2.89 I took the rest off the table 42.5% overall profit