Long

$IWM Weekly Chart Looks Bullish

Updated

small caps have been volatile for quite a while now. I expect that volatility will continue until after the election. When looking at a daily chart it is hard to see any kind of pattern but zooming out to a weekly timeframe it looks to me that it has established a solid uptrend. I will be looking for an opportunity to get long for a move back to the upper trendline. But as you can see on the chart it has ventured outside the trendline but seldom closes above or below.

The distance between the lower trendline and the upper trendline measures just over 11% as measured in a straight line. I am looking to squeeze out 8% to 10% as a swing trade.

I have an alert just over yesterday’s high at $218.67. Should that trigger, I will put my stop just below last week’s low of 215.08. That looks like a good risk reward for me. All TBD.

Trade active

I have gone ahead and started new new 1/2 sized position as has retaken the 5 DMA and is trending above the daily AVWAP. Entry price was a little early at $218.18. I'll keep the stop as mentioned above. Let's see what happens.

Note

I didn't post here but, yesterday I brought up to a full position. It is now trending higher as you can see on this 10 minute chart. Not a barn burner but it is currently my biggest position. Let's see what happens.

jaxdog

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.

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