BH42

AMEX channel breakout

Long
NYSE:AXP   AMERICAN EXPRESS CO
American Express broke out of its trending channel yesterday on very good volume . With consumer spending increasing due to the easing of lockdowns globally, AMEX should now push higher providing the markets continue in their upward trend.

We are fully expecting a breakout to $111-$112 before a pullback.

This is providing the US / China tensions do not cause a short term pullback.

Comments

@BH42 and they did ! us and china tensions ,,
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BH42 virtualtechie11
@virtualtechie11, Currently backtesting and looks to have held on the 1hr. Should see confirmation tomorrow. If the backtest confirms then this could be ripe for picking..as to speak
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@BH42, what do you mean backtesting? is this a technical trading term? sorry if it is, never heard of it..
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BH42 virtualtechie11
@virtualtechie11, Sorry you may know it as a retest, i just call it a backtest
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@BH42, got it mate, thanks, in it to win it ! one question you may or may not know, have you used leveraged ETFs ? like 3x short or 2x short FTSE or DAX and have you / can you (rather should you) hold them over-night? there is a lot on the net saying, not advisable but just going through toni turners book and she says 1-5 days hold ok.
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BH42 virtualtechie11
@virtualtechie11, Sorry for late reply. Yes I have used previously. Usually closed out before the end of a trading session personally. Using leverage is fine but if you are going to keep overnight then I would risk more than 1-2% of portfolio at a time as one big market crash overnight and you could wake up to a wipe out.
Personally I would only advise using leverage if you know exactly what you are doing - there's a reason that 85% of retail investors who use leverage lose money .... hope that helps.
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@BH42, thanks bud, not sure how it would wipe you out, if the market only crashes 5% for example, and its 2x, i would have thought you would loose 10% of your invested amount... i can understand in CFDs, but here we are not using CFDs are we?
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BH42 virtualtechie11
@virtualtechie11, All fine, as long as the market doesn't gap and you stop gets missed. 95% of the time you'll be fine though
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@BH42, nicely done, up after the retest,
before you enter do you also make sure that the general trend is up or moving up? as it would be a hard for share price to go up in a falling market
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BH42 virtualtechie11
@virtualtechie11, Yes, always. Backing a stock to rise in a downtrend before it falls again is like catching knives. Could go well or could be very bad. At least if it's trending you can hold on during a bad few days and it will revert to it's trend after.
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