Clicks Long Trade Setup
Clicks has been a strong performer in the retail sector over the past year but has been fairly range bound over the past 6 months. On the daily charts the stock has pulled back significantly over the past few days pushing the stochastic oversold. A bullish daily candle which could potentially be finding support at the 61.8% Fibonacci retracement level also painted on Wednesday 08 July.
The range support and resistance levels come in at at around the R85.50/R87.00 and R93.50 levels respectively illustrating the trading range fairly well.
Setup details as follows: Enter on intraday move above Wednesday's high at R88.00 with an end of day stop as a close below R85.50 and a target set at the top of the range at R93.50, This would yield a 2.20-1 target reward-risk setup.
Missed the entry point on 09 July 2015 - not chasing for now but will leave an order in place to enter on a pullback
ReplyDeleteSkipping this potential trade. Pulling back at the moment but the stochastic is starting to work off its oversold condition and the reward-risk setup is not at the appropriate level to take a trade.
ReplyDeleteThis one ultimately hit target but living vicariously in the "what would have happened" thinking pattern is the surest way to destroy trading discipline methinks.
ReplyDelete