This is trading day 1 of the live demonstration of my How To Sell Stocks For a Profit Tool. If you are not familiar with this tool, I highly recommend you take a look at the video which explains the tool.
You should also take a look at my post – Using My Exit Strategy Tool to Sell Stocks for a Profit, which outlines the rules for this live trading demonstration. Finally, here is a link to the previous post in this series: Selling Stocks for a Profit Tool – Trading Day 1
Choppy Market Action, But Still Lower
Today’s market was very choppy, the markets started slightly higher, only to pull back almost 1%, then rallying into positive territory, and finally closing slightly lower.
At first glance, it would look like our long positions aren’t performing very well. This really isn’t the case however; remember, I didn’t optimize the entry strategy for these stocks, I just bought some stocks that looked good to go long and am depending on the trialing stop strategy to make a profit. The good news for RDN, HIG, and MTG is that the charts are showing orderly pullbacks, and are even developing some nice continuation triangle patterns.
A Cup With Handle Formation?
HIG in particular is looking to make a big move, as the chart could be forming a classic cup with handle. It plays out, we should narrowly avoid being stopped out of this stock, and be able to ride the cup with handle well past our profit target.
Current Net Profit: -$494.11
Today’s Updated Trailing Stops
Long
Sym – Close – Stop
RDN – 11.17 – 8.77
HIG – 27.44 – 23.23
MTG – 7.61 – 5.92
Short
Sym – Close – Stop
ENER – 11.89 – 13.83
NVEC – 53.44 – 63.69
AME – 35.38 – 37.18
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