Snapchat has been consolidating since its earnings jump, putting in two inside days in the last four days. I believe we'll see the stock head higher again soon on its way to my first target of $89.
The set up is clean and simple. Although it goes against the major, recent downtrend, I think it’s got potential to the upside and I like the risk reward. I’m targeting a profit of 400 pips with less than 100 pips risk. Best yet, I think the trade actually has potential to hit the profit target this week.
For a full explanation of this trade, read my blog post...
I really like EUR/USD longs from current levels ~1.0850ish based on the 4-hour chart. It seems to have found a base on at the 100 MA which comes in just a bit above the 200 MA. For me this is always a great time to enter a trade: when MAs are close together and offering support or resistance. It allows you to easily define your risk.
My current longs are averaged...
GBP/JPY has broken down through it's previously expanding range (see blue lines). It's now up testing the lower bound of that range and setting up for what I believe will be a nice short.
EURUSD is currently finding support by a confluence of three technical indicators. First, the trend line resistance (purple line) that was broken to the upside has now been tested as support. Second, the 61.8% fib retracement level of the last move up also coincides with the trend line support. Lastly, we have the 200 bar moving average (red line).
It's Friday...
I purchased SALE a couple weeks ago on the poor news of them being hit by Google's search algorithm. My entry is at $24.00 as I thought the news was overdone and the company's fundamentals are solid.
Now, looking at the chart, we may have finally broken the downtrend that we've been in since the end of February. It's starting to look like a solid test of support...
I've been watching HCP for several weeks, waiting for a good entry. I used the fib retracement today to make my entry at $40.25 with a limit order. It could go lower, but risking losing out on my entry for the next fibo level isn't worth it to me. I'm hoping to hold this baby for awhile and collect dividends.
