Stop the Games, Trading is a Job
- Posted by Greg Harmon
- on March 17th, 2014
They say the stock market cannot be played like a game. You need to work at it full time and study hard to uncover gems to buy or sell. But today it is a game. Gamestop, $GME, the retailer of video games, is sporting a great looking chart. Take a look.
The 2 month consolidation under 39.30 finally broke today with a move to the upside into the gap. That gap lasts until 45.09 above, over 10% higher, and coincides with the longer 200 day Simple moving Average (SMA). As it moves into the gap the Relative Strength Index (RSI) is bullish and making new highs and the MACD is rising, both supporting more upside. Whenever a move like this out of consolidation starts it is an excellent opportunity to a high reward to risk trade. Use a stop back into the consolidation and adjust it higher as the stock price rises. I bought some today at 39.75. just because you are supposed to work hard at trading or investing does not mean it has to be complicated.
Get my book, Trading Options: Using Technical Analysis to Design Winning Options Trades from Amazon.
Dragonfly Capital Views Book Launch Celebration
Last week to join the Dragonfly Capital Views Premium Membership on an Annual basis for only $618.
This special Fibonacci rate (1000 divided by Φ) will be gone soon. Don’t miss this opportunity to join or upgrade! Sign up here. As part of this celebration, the first 25 annual subscriptions will also get the book*.
*book will be sent after payment is processed. It will also require you to send me your address for delivery.
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through February 2014 Expiry and sign up
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- SPY Trends and Influencers August 27, 2016
- Macro Week in Review/Preview August 26, 2016
- How This Week’s Top 10 Performed August 26, 2016
- The Russell 2000 at 20 and 200
- A Matador in a Bull Market
- Benzinga Pre Market Discussion Today
- Premium Earnings 8-25-16: Gamestop and Big Lots
- Hillary Has More Words for Drugmakers and Investors Flee
- Sitting On the Edge of a Move in Brinker
- Premium Earnings 8-24-16: HP and PVH