FOE major supportFerro Corp is sitting on its major support showing us relative strength, while SPY broke down its intermidiate trend with big, ignited candle. I will be watching for stocks that show us resilience during this corrective phase, as we remain in macro trend. If indexes will find its footing, then we can see an upward move in this stock with resonable risk/reward and high probability of winning.
Trade management is the key. Tier 1 here, close to support. Add when market conditions will be favorable and stock will go through $12.80ish with potential to $13.90ish resistance, then we have $15.
Trade Management
USDCHF Bear Bat Follow UpFollowing up on an idea that I posted last week. The USDCHF is now at a point where traders who are aggressive with their risk management can look to roll and trails tops with structure (on the 4hr TF)
One of the most important lessons that I've learned over the years from my personal trading and from my time as a money manger, is that how you manage a trade once you're in it, is almost as important as finding the right entry.
The key to success is CONSERVATION OF CAPITAL. We are going to be wrong in this industry and wrong alot. The key is to learn to tell when we are wrong and cut our losses before they get us in trouble.
PM tight pattern gives calculated entry After V-shape move off the bottom on February, stock formed double top at $91.62 and sold off from there with two gap downs (means strength of sellers). I will us gap pivot point as stop/ Until it stays below $87, I am bearish. Price is below key moving averages. You can manage this trade in different ways I use active trade management. Enter with tier1 in this tight pattern, add tier2 and tier3 if it breaks down and close below $83.83. My road map is move to $79.
