Trading Strategy:

Long: Home Depot (HD) *See notes below*

  • Ideal Entry: 327.01
  • Stop-loss Option: 314.78
  • Target: 355.00
  • Risk Rating: 2.4

hd 7 21

HD: If my ideal entry is triggered in the first 30 minutes of a trade setup, I will not enter the trade. Instead, I will enter a trade after the first 30 minutes on a break of the highs of the day. This is in order to help avoid any market fades that initially gets me into a trade but immediately sells off on. 

Trade Setups Triggered:

Long Setups: None

Short Setups: None

Setups Waiting to Trigger:

Long Setups: HD

Short Setups: None

Active Trades:

Long: FB

Short: None 

Trades/Setups Removed/Closed:

NT=Never Triggered, 1/2=Half position, 1/3=Third position

Long:  None

Short: None

Trading Notes: 

HD: I raised the trigger price on HD to 327.01 to reflectwhere the breakout level on the inverse head and shoulders pattern is now at. 

Trading Notes: I may add another trade setup if the market shows that it wants to continue building on the gains of Tuesday and Wednesday, especially if $HD doesn’t look like it will trigger. Right now, HD still looks like one of the better trade setups available.