Long

$SHOP Ready to Move Higher?

Updated

It is hard to believe but there is a lot to like about this chart. What I like is that it has recently come back and touched the rising 40 Week MA (white). It Just bounced off the AVWAP from all time high (meaning that the aggregate of shareholders since that time are in the money). It is well above the 18-month AVWAP. And it is moving up through the short-term MAs. It is yet to cross the 21 EMA (blue). MACD has just crossed up. If / when the market turns positive, I will be looking for a long entry likely using the 40 Week MA as a stop area.

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

Trade active

After Fed Chair Powell's speech I have opened a 1/2 sized position with a stop just under today's low. I may be early on the trade hence my stop is very close.

Trade closed: stop reached

Well, that did not work well. I said I may be early and I was. It dropped just below today's low and I had a hard stop. Probably algos looking for stops just below day low. Still on my watchlist.

Trade active

Started another 1/2 sized position @ 56.69 as it exceeded Friday's high. This time I'll stay with my stop just under the 40 Week MA. My initial target is around $67 which would be about a 17% move. All TBD.

Note

I've just added small to bring this up to a 2/3 size position. Same stop.

Note

Added small again to bring up to 3/4 size position. My stop on this add will be days low if it does not hold.

Note

got a nice upgrade this morning to Buy at Connaccord and $70 PT. It's up 6.48% pre-market. I'll be looking for a pullback sometime after open and then buildout position if / when it starts resuming an uptrend. I'll be using a 5 min chart for this. Let's see what happens.

Note

I've added to bring up to a full position. I have however, placed a stop on todays add just below the day low. See chart, looks to me that we have established higher lows on each 5 min bar. Let's see what happens.

Note

I hope at least one person out there got in on this idea. I'll admit, I was not expecting an upgrade that would gap this up almost 7% at open. But I'll take it.

Note

I have trimmed 1/4 size and booked some profit. Now back to 3/4 size position. If there is further pullback today I will trim to 1/2 size to protect profits. I'll keep half sized until stopped or re-add on pullbacks that resume upward trend. All TBD.

Note

looks to be putting in a bull flag here. I have an alert set on the downtrend line. Should it cross back over I will be looking for a good entry on a lower timeframe. All TBD.

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.

Also on:

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.