Sometimes it doesn't have to be complicated. I take these types of short-term trades whenever they popped up. FXC. the Canadian dollar ETF isn't right for a Spike trade so I thought I post it. FXC had a strong bull run and now we've gone through a 17-day grind down, about a 50 % retracement. We're testing support for a couple of days and looking for FXC to move up above 88. Buy would be above Friday's high and Stop below Friday's low. Not thrilling, or something to write home about, but this type of pullback trade happens over and over again and is usually low risk.
I'm not sure if I'm on the right track, but it seems like there were a few other things I was looking at that were really similar to this, including RIMM, AMD, and I've forgot the others atm.
ReplyDeleteRick,
ReplyDeleteRIMM looks similar as does TBT--not sure about AMD (don't trade it). I prefer not to overstay these set ups, so I'll look to get out quickly.
Grant