Here’s my latest trade: Pharmacyclics Inc (PCYC) which is breaking out nicely after a short-term bull flag. I’m looking for continuation on this incredible run the stock has been on. It’s imprtant to give stocks like this plenty of room to roam, because often times there is a lot of emotions driving the stock, so I’m willing to give a little more wiggle room on the stop itself.
The market is also breaking out nicely today, and tryging to get out of the 5-day trading range it has been stuck in. Upper 1320’s, at least, is where this market needs to close at.
Note: Jumped in this after noon in PCYC at $40.66. Stop is noted on the chart and my target price is roughly $45. I’m giving it 2-3 days to work out.
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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