Hi all,
This will be the last update to the Short OGE Trading Plan, as the breakout move is over and hence the Trading Plan is completed.
Here's why>
Update as of 29 July 2015:
Between 23 July to 24 July, Market has briefly traded below the theoretical price target of 28.00.
After which price rebounded sharply to trade at around 29.00 now.
I believe the main reason is that there are traders who planned to take profit on the theoretical Double Top price target, therefore the sharp rebound is likely due to profit taking.
Therefore, the recent price action is no longer a breakout move.
Hence for those who have followed the plan and are still holding short position, it is now time to recognize that the likelihood for more profits in the near term is small and all short positions should be closed.
After all, capturing a 9% short move, in less than 40 trading days is definitely not a bad result at all.
This concludes the OGE Short Trading plan and I will look to write a new one, after markets has priced in the FOMC Statement later today.
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Trading View: BreakOutArtist
StockTwits: stocktwits.com/BreakOutArtist
This will be the last update to the Short OGE Trading Plan, as the breakout move is over and hence the Trading Plan is completed.
Here's why>
Update as of 29 July 2015:
Between 23 July to 24 July, Market has briefly traded below the theoretical price target of 28.00.
After which price rebounded sharply to trade at around 29.00 now.
I believe the main reason is that there are traders who planned to take profit on the theoretical Double Top price target, therefore the sharp rebound is likely due to profit taking.
Therefore, the recent price action is no longer a breakout move.
Hence for those who have followed the plan and are still holding short position, it is now time to recognize that the likelihood for more profits in the near term is small and all short positions should be closed.
After all, capturing a 9% short move, in less than 40 trading days is definitely not a bad result at all.
This concludes the OGE Short Trading plan and I will look to write a new one, after markets has priced in the FOMC Statement later today.
Like it, Share it, Follow it~
Trading View: BreakOutArtist
StockTwits: stocktwits.com/BreakOutArtist