February 14th, 2017 Watch-list
Evening traders! Another strong day for the market as we saw the DJIA gain 142.79 points and continue to set all time highs! The "Trump" market has continued to defy what many experts expected would happen. With that said, a word of caution...What goes up, must come down. And often things fall twice as fast as they rise. Let's remain vigilant in our trades to not get too trigger happy to chase rallying stocks. Below you will find the daily chart for the DJIA with key support and resistance labeled.
Current Plays on Watch:
CVM: Both of our profit targets have been hit on this one and all should be out for profit. Overall it was a solid trade, though it did take a little longer than I had hoped!
HA: This one, just like GNK, gave us a false buy before hitting our stop loss, then gave a second re-entry opportunity. For those who took advantage of this, we are sitting nicely in the green at this point. As you can see on the chart below I have made some adjustments to the profit targets. This, along with GNK, is a prime example of why we utilize the 1/2 R/R ratio. It allows us to make up for false buy losses and even at times see profit when we enter a trade a second time after getting stopped out. Chart below for review.
GNK: Another strong day on this one with a 4.88% gain. Adjustments made to the profit target below. Adjust 1/2 R/R ratio stop loss accordingly. Chart below for review.