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$MSOS Looking to Breakout?

is a Cannabis ETF that looks to be basing for the last 4 months. Cannabis stocks have not been on my radar for more than a year. It looks like institutions are getting interested now. Since that appears to be the case, I am interested too.

Maybe this should be on your watchlist too.

See chart for my notations and thought process. I have an alert set right on the horizontal resistance line which lines up nicely with the 18 Month AVWAP.
Should this breakout, I will look to a lower timeframe for an entry with a small risk to reward entry.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Ghi chú

Nice little wedging pattern today on the 5 minute chart with one and a half hours to go. I have a buy stop order @ 8.06 good for the day. If it triggers I have a stop very close @ 7.94. It either goes, if it executes, or I am out.

Giao dịch đang hoạt động

with about 50 minutes left in the day, this triggered and I'm in a 1/4 sized position (were it not a Friday going into a 3 day weekend, I would have started a 1/2 size.). As mentioned above, I have a very tight stop so lest' see what happens.

Ghi chú

Here is the chart to go along with my entry.

Giao dịch được đóng thủ công

had a great pop this morning so I closed it out when it seemed to be running out of steam for a 10% profit. Back on my watch list. If market as a whole gets positive this may run. TBD.

Giao dịch đang hoạt động

Now Day Trading This. Will run a trailing stop.

Ghi chú

I have now moved my stop to breakeven. Let's see if I can make some $$$. Now in no loose position.

Đóng lệnh: dừng lỗ

Had a hard stop in the computer and it stopped me out for breakeven on the trade. I'll put this one away for another day. Still high on my list.

Giao dịch đang hoạt động

I re-entered this trade @ 8.80 with a stop at 8.70. It either goes or I am out. Let's see what happens this time around.

Giao dịch được đóng thủ công

I closed this trade out for a small gain of 10 cents a share. Still high on my watchlist. Just letting go green to red.

Brent_Calver

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I am under no obligation to post any action or update to any idea.

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Brent_Calver

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