$MSOS Looking to Breakout?

is a Cannabis ETF that looks to be basing for the last 4 months. Cannabis stocks have not been on my radar for more than a year. It looks like institutions are getting interested now. Since that appears to be the case, I am interested too.

Maybe this should be on your watchlist too.

See chart for my notations and thought process. I have an alert set right on the horizontal resistance line which lines up nicely with the 18 Month AVWAP.
Should this breakout, I will look to a lower timeframe for an entry with a small risk to reward entry.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Note

Nice little wedging pattern today on the 5 minute chart with one and a half hours to go. I have a buy stop order @ 8.06 good for the day. If it triggers I have a stop very close @ 7.94. It either goes, if it executes, or I am out.

Trade active

with about 50 minutes left in the day, this triggered and I'm in a 1/4 sized position (were it not a Friday going into a 3 day weekend, I would have started a 1/2 size.). As mentioned above, I have a very tight stop so lest' see what happens.

Note

Here is the chart to go along with my entry.

Trade closed manually

had a great pop this morning so I closed it out when it seemed to be running out of steam for a 10% profit. Back on my watch list. If market as a whole gets positive this may run. TBD.

Trade active

Now Day Trading This. Will run a trailing stop.

Note

I have now moved my stop to breakeven. Let's see if I can make some $$$. Now in no loose position.

Trade closed: stop reached

Had a hard stop in the computer and it stopped me out for breakeven on the trade. I'll put this one away for another day. Still high on my list.

Trade active

I re-entered this trade @ 8.80 with a stop at 8.70. It either goes or I am out. Let's see what happens this time around.

Trade closed manually

I closed this trade out for a small gain of 10 cents a share. Still high on my watchlist. Just letting go green to red.

jaxdog

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jaxdog

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