I went long RB Global at the close today. Zoom out and you'll see a pretty beautiful chart for a company nobody reading this has probably ever heard of. It's been in a nice uptrend for the past 2 years and just put in an all time high a week ago, so it has good momentum. Obviously, it's also trading above its 200d MA. It has support right here, as well as about 6% below where it's at now, but I'm betting it won't need that.
The last 20 times this setup has occurred, going back to early 2021, all 20 were wins. The average gain was 2.46% in an average of 1.85 trading days (31x the long term average daily return of the market as a whole). Maybe even more impressively, none of those trades would have closed in more than 4 trading days, and that only happened twice. 11 of 20 closed in one trading day. 25% of the trades netted 4% or more, with the largest win being 10.7% in a single day.
The setup doesn't usually continue for more than one day, but if it does, I will add to my position. My plan is to close on the first profitable close, provided the gain is substantial enough. I may hold longer, and if I do, I may close intraday (especially right at the open if it's a strong open on the day following its FPC.
As always - this is intended as "edutainment" and my perspective on what I am or would be doing, not a recommendation for you to buy or sell. Act accordingly and invest at your own risk. DYOR and only make investments that make good financial sense for you in your current situation.
The last 20 times this setup has occurred, going back to early 2021, all 20 were wins. The average gain was 2.46% in an average of 1.85 trading days (31x the long term average daily return of the market as a whole). Maybe even more impressively, none of those trades would have closed in more than 4 trading days, and that only happened twice. 11 of 20 closed in one trading day. 25% of the trades netted 4% or more, with the largest win being 10.7% in a single day.
The setup doesn't usually continue for more than one day, but if it does, I will add to my position. My plan is to close on the first profitable close, provided the gain is substantial enough. I may hold longer, and if I do, I may close intraday (especially right at the open if it's a strong open on the day following its FPC.
As always - this is intended as "edutainment" and my perspective on what I am or would be doing, not a recommendation for you to buy or sell. Act accordingly and invest at your own risk. DYOR and only make investments that make good financial sense for you in your current situation.
Trade active
I may regret this, but I'm going to hang on to this one. If there's a strong open for it tomorrow, though, I will likely sell early.
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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.
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.