Back on April 6, 2023, I posted a 
CVS chart as it was looking like a breakout then and I started a small position. It quickly failed the that day, and I was out. Fast forward to yesterday June 1 and I determined it was breaking out of the long term down trend again, so I added a starter position. It’s following through today, so I’ve added more and brought it up to a half-sized position. See my notes on the chart. This may be an actionable name “if” it fits with your trading style. My stop is tight. I will close out if it closes below yesterday’s low ($68.05). This is about a good as risk reward as I have found for awhile now.
(As a side note, the downtrend is a stage 4 it is unlikely that it will flip to a stage 2 right away. I’m simply looking for a trade and will close out if it starts to stumble, hopefully with a nice 10% to 15% gain or more.)
Ideas, not investing / trading advice.
April 6 chart link below
Thanks for looking. Constructive comments welcome.
CVS chart as it was looking like a breakout then and I started a small position. It quickly failed the that day, and I was out. Fast forward to yesterday June 1 and I determined it was breaking out of the long term down trend again, so I added a starter position. It’s following through today, so I’ve added more and brought it up to a half-sized position. See my notes on the chart. This may be an actionable name “if” it fits with your trading style. My stop is tight. I will close out if it closes below yesterday’s low ($68.05). This is about a good as risk reward as I have found for awhile now. (As a side note, the downtrend is a stage 4 it is unlikely that it will flip to a stage 2 right away. I’m simply looking for a trade and will close out if it starts to stumble, hopefully with a nice 10% to 15% gain or more.)
Ideas, not investing / trading advice.
April 6 chart link below
Thanks for looking. Constructive comments welcome.
Trade closed manually
After averaging up and building up to a 3/4 position, I closed this out for a small loss. Still on my watchlist. In this market I have gotten to the point of closing out positions that start to turn my P&L red. If this turns to the upside, I'll likely open another "new" position.Note
Gotta admit folks, I let my emotions rule this trade and did not stick to my stop loss, I sold well before that. Here we are just over an hour after selling and CVS has recovered to go green on the day. Let my failure be a lesson for you too. Follow your trade plan. We set it up and made the plan prior to the trade for logical reasons.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.