The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered.
No changes
Open Position Notes:
GET spent the majority of the day in negative territory, although the lack of downside in the market prevented any true weakness from setting in for this stock. Late in the day, it rebounded considerably, erasing most of the early deficit to finish only a few cents negative. I’m sticking with my previously-adjusted stop and waiting for some continuation to arrive in this one.
Closed Positions:
No closed positions.
New to this site and like it! Thought I’d post a swing trade candidate. Ticker is EP break from an ascending triangle. Stop $10.30. Target 12.70
Any comments would be cool.
Tom Neels
Nice setup there Tom, thank you for sharing it here!
Looks like it’s only about .20 past the breakout, so these levels would not be too far to chase it. The big ascending triangle is well-defined, and the time it took to develop implies this one could take more than a few days to play out.
Great idea Tom, and I really like the inclusion of your stop & target. This is exactly the kind of thing I want to see here in The Hideout. Keep ’em coming!
Jeff
By the way, I don’t want to be the final say on ideas shared here like Tom’s. I’d love for others of you to weigh in as well!
Triple Top Breakout today on a P&F chart, breaking the downtrend resistance line. So looks good to me, but (1) could easily correct back to the downtrend line (abt 10). Momentum up here is critical and a reversal to 9.50 (yes below the Stop) would be a failure of the P&F breakout. This is on a standard P&F chart. For day/swing looking at a 0.25 box chart might be better, there we see a double top breakout with a failure occuring at 10.25. I like that 10.25 is consistent with the 10.30 stop from a different viewpoint
Thanks for the replies. One could put a stop just below the pivot point at 9.40 or so. But as mentioned momentum is critical so I will keep a tighter stop just below the breakout.
I went long GRO at market close today, stop is $2.08, target $3.40. I think it could stall at 2.65 ish. Good volume today and decent consolidation going into the break I think.. Not an expert by any means at swing trades! Any comments welcome.Thanks.
P.S. Jeff, Bandit broadcast works well for me and like the site,great work.
Hey Tom,
Thanks for posting this one as well, today was a significant pop for GRO. Interesting how it cleared the August high by a penny to create a higher high. Hope it runs for ya!
Jeff
I know I’m a few days late but I wanted to chime in on the original post re: the asc triangle. I don’t like that play for 2 reasons… 1. Volume is a very important characteristic of a triangle. It should be decreasing over time. 2. Triangles perform best when the breakout happens between 50% & 75% of the distance to the apex. This 1 is beyond 75 (at least the way I have it drawn. My guess is that this play is in for more sideways actions.
Tom… hope your not offended in anyway… just want us all to be better traders.
Jeff… still getting used to the site but I like it.
Mr. Gethner… remember me… its paul1363 from a while back. I lost your email address and couldn’t keep in touch. Great to see you!
Hey Paul!
Great to see you posting in the Hideout, certainly hope to hear more from you.
The idea here is discussion, which definitely involves different opinions and insights. Thank you for sharing yours along with specifics.
Jeff
Hey Paul,
Appreciate any feedback and not offended. Need more work on my swing trading (more of a daytrader). Will see what happens with the EP, know where my stop is and will give it a little time to hopefully work.
Tom