Long AVGO at 170.38 - shooting for 1% a day on a quick flip
Updated
AVGO is holding just above a decent support around 167.5 as part of an ascending trangle-ish pattern (if you squint really hard). Longer term, the trend is solidly positive.
In the end, though, for me, it's about it being short term oversold. In the last 12 months, when my algo signals oversold, here's what happened:
25 wins - 2 "losses" (the last 2 days)
Avg gain = +1.83%
Avg holding period = 2.09 days
That's an annualized per lot traded/per day held return of just under 221%. So you see why I'm interested.
I'll add new lots at the close any time it's oversold until the entire position is closed. I will close any lot as soon as it becomes end of day profitable.
OK let's AVGOOOOOOOOOOOO
Ignore the original lot line at 170.45. That should be at 170.38 and I'm not redoing the whole post for that😤
In the end, though, for me, it's about it being short term oversold. In the last 12 months, when my algo signals oversold, here's what happened:
25 wins - 2 "losses" (the last 2 days)
Avg gain = +1.83%
Avg holding period = 2.09 days
That's an annualized per lot traded/per day held return of just under 221%. So you see why I'm interested.
I'll add new lots at the close any time it's oversold until the entire position is closed. I will close any lot as soon as it becomes end of day profitable.
OK let's AVGOOOOOOOOOOOO
Ignore the original lot line at 170.45. That should be at 170.38 and I'm not redoing the whole post for that😤
Trade active
Added another lot at 164.81 at the close. Still oversold. It'll have to work hard now to get me 1% per day held, but I've had far stranger things happen.
Holding lots at:
170.38
164.81
Note
Well that first lot is going to do some heavy lifting if I'm going to get my +1% per day out of this trade. I sold the second lot at the close today for 165.67 (+.50% in 1 day).
Lots currently held:
Lot 1 - 170.38
Note
Added a lot at 163.57 just before the close. Oversold again.
Lots held:
170.38
163.57
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