Setups don't get a lot better than this for me - long at 107.83I'll start with BJ itself. Historically, it is top 50 in my universe of over 2000 stocks in terms of per day returns on trades, at .257% (6x the market avg per day). Its record is perfect at 189-0 with an average return of 1.8% in 7 days. The new filter I recently added, however, bumps that per day held return up to .363% (around 90% annualized).
On top of that, it currently sits RIGHT ON a double bottom support (almost triple bottom) that is reinforced by the previous high, and KISSED, but did not break, its 1 year regression channel before rebounding intraday. It is a stock respecting its technical support here.
That said, there are no guarantees in trading, and I've had plenty of similar stocks tank on me in similar situations, but trading is about playing the odds. And while I may face a bad beat, good traders play the odds and they are decidedly in my favor here.
The exit target is not fixed, but I will not be using FPC close unless the return is outlandish or protracted. I think you've all seen enough of my trades to know what I'm expecting, though - a profit above the average daily return of the market. Just a side note, FPC CAN be used. It isn't broken, and fairly frequently outperforms what I'm doing now on a per day held basis. I'm just looking for a little bit fatter win. The risk there, though, is a longer holding period. Sometimes a lot longer. Nothing in the market comes for free, and that's the tradeoff.
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.
