So far I've made one trade on the day and that is in Lululemon (LULU). So now I have a grand total of "2" short positions which includes SodaStream (SODA). I'm also stalking once again CheeseCake Factory (CAKE) in hopes of jumping in around $33.30 or so.
But the LULU setup is gorgeous. You have the triple top followed by a strong confirmation through support. Then we get the snap-back bounce right back to resistance, which is where i re-shorted at $70.00. Ideal stop-loss is at $72.63 with an initial target of $66. If things really pick up to the downside into tomorrow, LULU could see $66 get hit. Otherwise, I'll hold it into next week.
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>