$IWM Reversal?
Updated
I took a chance on 
IWM yesterday on the reversal candle. I liked the action today as it followed through. It did get rejected today right at the area of horizontal resistance although it did close in the upper 2/3 area of the candle. I look at that as being bullish. I will look to add to my ½ sized position if / when it can get over that flat resistance area and again if it can break above the downtrend line. All TBD. My Stop is under that red candle from last Friday.
See notations on chart for my thought process.
My thinking is that “if” there is going to be a 4th quarter rally the small caps will need to participate. Again, all TBD.
Not investing / trading advice. Comments always welcome. Thanks for looking.
IWM yesterday on the reversal candle. I liked the action today as it followed through. It did get rejected today right at the area of horizontal resistance although it did close in the upper 2/3 area of the candle. I look at that as being bullish. I will look to add to my ½ sized position if / when it can get over that flat resistance area and again if it can break above the downtrend line. All TBD. My Stop is under that red candle from last Friday.See notations on chart for my thought process.
My thinking is that “if” there is going to be a 4th quarter rally the small caps will need to participate. Again, all TBD.
Not investing / trading advice. Comments always welcome. Thanks for looking.
Note
I am still in this as it has not hit my stop, see chart. It had a nice run for a couple days then the market has gotten tough. Trade closed: stop reached
Well, this one did not work out well. But it is important to honor stops and not "hope" it turns around. The market is fighting higher rates. What's the saying? "Don't fight the Fed."
I will be keeping
IWM on my watchlist as I still believe that "if" the market rallies into the 4th quarter, small caps should have an outsized run. All TBD.
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.
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