YAAA trade ideas
Long on Canadian. Demand zone failed. Risk management The trade setup.
Anytime I enter a trade, key word is trade management. How much am I willing to risk is my first calculation. comparing to my Reward, yield a risk management. In this case I was willing to risk 8 to 10 points for a reward of 20-30 points. a ratio of 2.5 is ok, but I would like to see a Risk Reward of 3-5
Why I took the Trade. The odd Enchanters
- the Stock is Strong one, making a Higher High (HH) in June-2021
- the correction drops into the DZ that is HL of the Week uptrend
- Imbalanced selling into a DZ; nice
Things I can improve on
- time my Enter of the LNG to be tighter (less risk)
Things I learned.
- The Long-term (M) was not with me, meaning technically the monthly chart(M) was in a downtrend. this actually violated my trade plan but I took the trade anyways
- Before the correction. Price did make a HH on the (W) but not a Higher Close (Red Circle);indicating slowing buying momentum
$CTC.a Canadian Tire Corp might shares might go lower.Friend of mine asked me for this stock. Looks like the price just finish retracting bouncing from the blue dashed line ( .5% fib level). This might result in another move down and if breaks the pennant it could extend to the fib extension of 14.95.
Please use your own research and use SL and hedge.
1st buy signal for CTC.A1st buy signal triggered by RSI on Dec. 11, 2019. You could take a 10% position (of what your ready to invest). Just to be clear this is 1st signal and it is weak - that is why I suggest putting only 10% (ex if you want to invest $10,000 - start your position with $1000) www.tradingview.com
Canadian Tire Corporation Limited Hey, this is for the Canadian tire guy that helped me today. this is for you. :)
let me start
1---- > November 1first was a record-breaking sell candle since the November 23rd, 2010, after that we had a huge rally of 300% over 4 years (NICE)
2-----> we are creating a higher macro high and so far a lower macro high on a bullish falling wedge
3-----> there is major support at the wight line at 166.51 that can not be broken that would bearish and be looking for more further downside
4-----> short term the trend is down and the target is the bottom of the wedge pointed, if broken that will be a bearish
5-----> if broken to the upside I would target the upside trend line
6-----> the trend is played in the wedge until broken up or down
{huge sell volume}
November 23rd, 2010 = 9% drop bottom 65.59$
November 1first 2019= 13% drop bottom 185.13$
hope this helps for now (NFA, DYOR)