Date Opened: 1/13/13
Swing Trade Prfits Traken- KORS -Today we took swing trade profits in our trade of Michael Kors (KORS). The fundamentals remain great and the longer term profits and the weekly stock chart make a future trade on Michael Kors highly probable. We opened a position in KORS on a breakout above the declining downtrend line as noted on the chart. The stock broke out of a solid base and was poised today for a new high but failed. Most concerning was the topping action on the Retail Sector as noted by the chart of the stock chart of the Retail Holders RTH. When in the midst of a swing trade it is all about “first out best out”.
Trailing Stop Loss Order Triggered.
You will note that the the chart flashed a topping tail which triggered our trailing stop loss order. By automating our trade it allowed us to get out near the top. Lesson learned? Use a trailing stop loss order especially when the overall sector is showing weakness.
Congratulations to my member who participated. Now, buy your wives some flowers!