UPDATE #2 on our $APRN paper trade
MONDAY, AUG 15th 2022
Today the 1st Target of $4.25 triggered, since the order was already put in, everything executed automatically as planned.
The 2nd Target is $5.50 and we move up our S/L to our break even price or just above to mitigate any losses and protect our gains.
TUESDAY, AUG 16th, 2022
WOW! Today the price rocketed up past our 2nd Target of $5.50 and again the trade executed automatically as planned. We now move our S/L up to our the 1st Target price of $4.25 to protect our gains becasue as you’ll notice the RSI is extreme and usually signals a pullback, especially with wuch big moves in the past few days.
For the next Target, we need more past data and look to the weekly chart:
Here you can see that the next price level is around $7.32–$10, but we’re also under the 200 SMA so to make things easier we can simply use that $8.29 price as our next Target.
Notice also that on the weekly chart, the RSI is not yet extreme. This means that while we might experience a daily pullback, the overall trend is still moving to the upside. This helps us not to get shaken out of the trade with suddenly daily “knee-jerk” reactions. This is why it’s very important to look at the charts on multiple time-frames!
I hope this paper trade has been helpful in your trading journey. I feel we’ve covered this enough now to set you off on your own to finish out the rest of it on your own. After you fully close out this paper trade, practice moving those gains into the next setup you find. Once you have enough experience on paper and feel comfortable reading and analyzing the charts, try your hand with a small position in a real trade (NFA).
Have a great rest of your week 😊
Trade long and prosper!
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