I got long this fine beauty of a chart today at $104.66. Hasn’t done much for me in the past few hours, but the chart pattern and setup is undeniable and one that I am constantly on the prowl for.
The box breakout is one of my favorite patterns…particularly when it merges with an ascending triangle. Heck it is probably my favorite pattern because it allows me to manage risk in such a systematic way, keeping it small while the upside can be just unbelievable.
A successful breakout on a stock like the one below will cover for a myriad of bad trades. That’s why you have to take these when they come.
Here’s the trade setup in The J.M. Smucker Co (SJM):
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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