Often there is not that much happening on a friday in the markets. Especially if the market is very extended on a daily basis.
Today was no exception. The only trade I did was PACR and frankly I could not find much else. I had KR on my list because it held up so well and was watching POT and IPI. Only IPI had a setup but I skipped it. Would have worked, though. Not feeling bad about it, because you can never catch them all and it was a high risk environment and PACRÂ worked out great
- PACR showed up on the yearly high list
- Had a nice run the past weeks but was consolidating for a few days
- It gapped up slightly today but ran from the open and took a first breather after 10 am
- Price formed a shallow 1 min CnH
- Entry was on the break of the handle, below high of the day
- Entry 40.80, SL 40.66
- Was aiming for equal move but as momentum was slower on this second move I took half off @ 41.06, just below the 1 min base
- Set the stop on the rest to breakeven
- PACR gave several new entry spots before the second run came, but I did not buy more
- Instead I trailed the rest behind the 5 min pivots or the sma 5/20, whatever is lower
- Stopped out on the rest at 41.49
- Reward: 26 ct + 69 ct = 95 ct
- RW/R: 95/14=6,7 R
- No other trades
