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| CFNL |
One stock triggered from my watch list
so I took a position in CFNL for a swing trade. CFNL is in my Year
High Volume watch list for the month of October so I've been stalking
this for quite some time now waiting for a set-up. The trigger for
the trade today was a wide range 7 day that followed a narrow range 7
with an increase in volume from the previous session. The wide range
bar triggered first and I waited for volume confirmation before
taking an entry at 15.35 with a stop at 14.87, risking 1%. Volume continued
through the close and established another year high volume day.
My first target is 15.83, a 1R gain at
which point I will ratchet my stop up to 14.94 to cut the risk
exposure as much as possible to 0.5R. My next target is 16.31 when
I'll move my stop to 15.83 to lock in 1R. At this price the stock
will be at all time highs with no overhead supply so I'll adjust my
stop incrementally in attempt to balance catching as much of the
swing as possible without choking off the trade too early.
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