Enter at the break of the high of the inside bar
Target 1 = $70.71 for 1/3 of the position
Exit: Gap down trigger trailing stop loss
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2017-02-04 09:54:00 | RMD | buy | $67.150 | long |
2017-02-13 13:43:00 | RMD | sell | $70.690 | long |
2017-02-24 09:30:00 | RMD | sell | $70.710 | 0 |
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Nice set up and good entry. My only concern with this trade is that you are going long in an area where the sellers out number the buyers. If you look at the weekly time frame the candlestick that formed was a hanging man. It's a potential reversal. I'm not saying your trade won't work out but if I were you I would tighten up on my stop loss to protect any gains.