I bought 300 shares of TRLG at $22.41.
Setup: Earnings-Breakout-Pullback. This specialty retailer broke out on massive volume two days ago as a result of strong earnings. I bought today on the pullback, about a point away from the bottom of the breakout candle.
Risk: I plan to hold this stock into new highs, possibly taking partial profits in the $24-25 range. My stop is just under the breakout bar.
Concerns: Stochastic is over 70, but this isn’t unusual when playing earnings breakouts.
When playing a breakout like this, where would you have your target? You mentioned partial profits at $24 but beyoned that, how would you choose a target in such a setup? I have faced something similafr with OII, my target was $72 and I made a tidy profit. However, today its touching $74!