Shared by
firesky_BOWS
SHORT SWING TRADE: My charts account for the stock split and tradervue's charts don't seem like they do so keep that in mind. On my charts I have a descending triangle. The price is at the very top of the range, the stochastics are overbought, and buying volume is decreasing. As such I'm taking a short position in it. Entry is at $51.44 with a stop at $52.05 and targets of $49.85 (100day SMA), $48.60 (20day SMA), and $47.05 (bottom of triangle). R/Rs are 2.6, 4.7, and 7.2 respectively.
9/17/2014: Hit my first target today, took profits.
9/22/2014: Hit second target, took profits.
10/1/2014: Hit my final target, all out.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-09-08 09:31:00 | RKT | sell | $51.440 | short |
| 2014-09-17 10:38:00 | RKT | buy | $49.850 | short |
| 2014-09-25 10:45:00 | RKT | buy | $48.600 | short |
| 2014-10-01 09:39:00 | RKT | buy | $47.050 | 0 |
Comments
firesky_BOWS
When you account for the stock split, it looks like a descending triangle with a pretty clear top trendline going back to Sep 2013. I use TC2000 for my analysis but Finviz also accounts for the split, they even draw out the descending triangle.
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so wants it supposed to look like?