Another shorting opportunity presented itself on Thursday 14/07/16. There was a shooting star formation coupled with other indicators indicating an overbought condition (I will discuss about the indicators in future posts). To sum it all up, I will be taking a short position as I expect a mean reversion to happen within the next couple of weeks.
I took a short position on Friday 15/07/16 at $161.42.
Take Profit: $154.43
Stop Loss: $165.79
Take profit was based on the previous pivot level. One has to note that there was a price gap that occurred a few days after earnings results were released. I will be slightly tighter with my stops once the price is approaching the gap area which is between $156.40 and $154.07
That's all for now, this is my only opened position in my active portfolio. I will be sharing my passive portfolio details in the future! Stay tuned for that!
As always, happy trading.
4/8/16 Update: I am still holding on to my short position. Currently at a small profit, will continue to hold on to this short.
10/8/16 Update: Fedex is now hovering close to my stop loss, I'll be following my plan and not shifting my stop loss
12/8/16 Update: Fedex hit my stop loss, I have exited the position. Losses are part of trading and I look forward to sharing with you the next setup that presents itself!