Hi Guys,
The market's in a range again today. The S&P 500 seems to be happy between 4100 and 4175. Yesterday it started the day at the low end of the range, but by the end of the day it was close to the high end. Today it started in the middle of the range but is working its way up right now. It might take a lot of force, perhaps from a major event or piece of news, to break out of this range.
My PFE stock position reached its profit target this morning. This trade was a thing of beauty, so I decided to share a screenshot of it.
I actually have profited twice from this ticker over the last few months. You can see both of my trades depicted in the chart above.
The general conditions of my trade strategy are that it has to start with a forceful uptrend (that drives through the upper Keltner Channel) and that it then has to fall back to the 20-period moving average line before I buy. Then I set the profit target very roughly near the prior peak it established from its uptrend. The price bars end up looking kind of like a slanted capital "N" if the trade turns out profitable.
The most recent trade for PFE (on the right side of the screenshot) shows we bought it at just about the perfect time. It's normally not as clean as that. The trade on the left is not as clean, yet perfectly normal too.
There are no new trades today. So I'm patiently on the lookout for more trade setups like the ones in the image above.
If you have any questions or feedback, I'd love to hear from you.