We took HTZ at 10th this month and it was in watch list before the market open. Setup was:
HTZ - long trade
Interest is for HTZ back to previous high after correction from high. Since correction is stronger then I won’t look for new high. First resistance is $26.50 area and depends on action that will be first target area. If will break above yesterday high then daily resistance line and 50sma will be broken and that is entry area for us. For stop I’m using 20sma 60 min because it is important intraday support area for possible swing move
Target area: $26.50 - $27.50 area
Type: Swing trade
Above is explanation with trading plan what I sent for every trade. So, HTZ target was 27-27.50 area, but with today strong gap up I saw that HTZ was open around second target area and I decide to close trade. We got over 6% gains with reward over four. I think that all trade idea was explained before we took trade. I just want to note that if we have proper risk management HTZ will cover four negative trades. Let’s say that traders risk per trade is $100. That mean on HTZ profit is over $400 and four loss trades will be covered or it will be gain in account. I’m sure that is good way for success and profitability.
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