Green Mountain Coffee (GMCR) Ascending Triangle
Stock: Green Mountain Coffee Roasters (GMCR)
Long or Short: Long
Entry: $81.28
Stop-Loss: $78.28
Chart: Green Mountain Coffee Roasters (GMCR) Daily Swing Trade Setup
Reason for Trade: I would have taken this trade much earlier today had the Fed not been releasing its FOMC Statement – it basically handcuffed me from taking a position in this intriguing setup.
I’m a huge fan of the ascending triangle on strong up-trends and that’s what we’ve got here with GMCR. I want to keep the risk under four percent, and in the case that I’ve outlined here, 3.6%.
With Uncle Benny talking, I’ve got a good chance that GMCR will give me that second chance to get in it.