I bought my positions today
January 4, 2024
Reasons:
1. Low-risk entry point
2. Confirmed stage 2 uptrend
3. Has gone through a majority line of supply
4. A breakaway move, the first breakout after the stock in a confirmed stage 2 uptrend
5. High relative strength
6. Volume dries up as less supply coming to the market
7. Huge volume on the breakout
Flaws:
1. The market is still in a hard-penny environment with only 32% of total stocks above the 200-day MA
2. The index is moving higher but there are still less stocks setting up.
This is a textbook VCP setup breaking out. I like to see some follow through action from now.
January 4, 2024
Reasons:
1. Low-risk entry point
2. Confirmed stage 2 uptrend
3. Has gone through a majority line of supply
4. A breakaway move, the first breakout after the stock in a confirmed stage 2 uptrend
5. High relative strength
6. Volume dries up as less supply coming to the market
7. Huge volume on the breakout
Flaws:
1. The market is still in a hard-penny environment with only 32% of total stocks above the 200-day MA
2. The index is moving higher but there are still less stocks setting up.
This is a textbook VCP setup breaking out. I like to see some follow through action from now.
Trade geschlossen: Stop wurde erreicht:
I got out at breakeven today.
Trade closed: January 23, 2024
Trade closed: January 23, 2024