Quick Update on Trades

We had one new trade trigger today and were carrying one long via WMT into the day. 

Let’s do a quick update on both. (apologies on any typos, I’m trying to manage positions as well.)

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SBUX

We couldn’t have done much better with SBUX this morning, buying the dip to the 10-week moving average on an analyst downgrade while the market was in a gap-up state that held firm. 

Now trying to go daily-up, the close here is important. Above $98.58 and we also have a bullish engulfing candle on our hands. 

Ideally, I’d like to trim at the $100 area and/or the declining 10-day ema, for obvious reasons.

That said, a ¼ trim here — especially as the options are up about 50% — makes sense. 

WMT

A picture perfect ABC correction down to the 50-day, gap-fill and prior resistance area, we got long WMT. 

This morning we were looking for a trim north of $145 and with a ½ trim if we get to the 10-day. Manage as you’d like. I am trimming ¼ here and another ¼ if we see the 10-day. Then moving to a B/E stop. 

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Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.

Remember: Not all setups will trigger. Not all setups will be profitable. Not all setups should be taken. These are simply the setups that I have put together for years on my own and what I watch as part of my own “game plan” coming into each day. Good luck!