***NOTE: CIEN out at 18.79 will revisit next week-reason why we are now moving into time confirms on stops
MOS: Raise Trailing Stop to 47.14
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OUT: New Position: Long CIEN 19.43 ATR .71 (Reports March 5th) out 18.79
Name of Instrument: Ciena Corp
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Existing Position: MOS 45.95 ATR .62 (1/8) left (Reports February 11th)
Name of Instrument: The Mosaic Company
***Trailing Stop: 47.14
Current Price: 48.22
Reason For Trade: After a significant peak bottom in mid-October, it flew past the 200 DMA and then returned to the 50 DMA. The 50 DMA has crossed above the 100 DMA. The risk is good, position small and trading in anticipation it can clear the 200 DMA. Longer term, 50.00 is the place it must clear.
****REACHED! First Profit Target: 47.94 for ½ off
REACHED***Second Profit Target: Took ½ of the ¼ left at 48.57 ¼ remains
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New Position JNK: Long 38.96 ATR .23
Name of Instrument: SPDR Barclays Hi Yld Bd ETF
Sell Stop: 38.46 which is about 2 ATRs from entry
***NOTE on Sell Stops: From now on, will use a 2 minute time confirm on our sell stops. That means the instrument has to trade at or below the price for 2 consecutive minutes. If cannot use time confirms, subtract another 10% of the ATR then place your stop. i.e. if cannot use 38.46 with time, then go to 38.43 or 10% of the ATR lower. I will be talking more about this in next week’s video.
Current Price: 39.03
Reason For Trade: Holding the 50 DMA and clearing the January Calendar Range high. Good risk to under recent daily chart support. Also, if long treasury bonds come off, this is high yielding junk debt that could attract smart money.
First Profit Target: 39.54 for 1/2
