I sold 400 shares of GMRK at $53.85 (entry at $49.76) for a $1636 gain (+8.2%).
Without going into too much detail, both of these trades offered nice breakout-pullback setups. I entered at support, which was at the bottom of the breakouts, just under price congestion.
While I am not very precise with entries, I am becoming much more focused on exits. Here, I timed my exits just under the recent highs, where there would likely be some panicked traders who bought the stocks at the high and watched it pullback.
As you can see from both of today’s charts, that is exactly what happened. The stocks dipped right after hitting my profit targets.
After I have taken profits at the highs, I do not dump the stock off of my watchlists. If the stock bases and then breaks out above the old high, I may re-enter on the breakout, or allow the stock back on the breakout-pullback watchlist, in hopes for a pullback to what now is the old high.
I am still holding STLD, ZUES, SYNL and IBN