FOLD backtest and ripped:
I put in a limit order of 14.20 which was hit and the trade closed.
Entry: 12.55 (6/3)
Exit: 14.20 +13%
In addition to buying the breakout, the back test can be even more profitable and even more rapid. Although I did not do it here, it should re-enforce my observation of the prudence of selling a burst and buying its' back test.
The move faded to the backtest and held. My aversion to loss stopped me out at breakeven. Fortunately, I came to my senses and realized that a stock that back tests and holds is very powerful and you want to be in it. I re-bought 2.97
A great thrust, decent gains. Decided to book the profits and wait for the back test to re-enter.
Hit the weekly breakout and couldn't push ahead. A yellow flag and given there are so many other better plays, I decided to just close it that to wait it out. Basically a break even trade.
SEED: Fishhook breakout, I saw this was a prospect for the breakout in my Thursday scan.
The front side of this breakout was one of my better trades this quarter. 31.92- $37.10 Now it has retraced to the 10 Week avg and bounced. This is a lower Risk type of entry in a stock that is a proven winner.
I took a small speculative position in this on Friday. The RSI on a monthly has broken out and would be highest ever--well other than that incredible surge last summer where LAKE ran to $30 in a week.
The monthly shows that something is developing here.
Highest weekly close warrants adding to the position.
Range expansion on the daily. I like that it was able to fight off the previous pull back after the range expansion off the bottom. This one could be a Boomer! 3.6Million shares. That's rocket fuel.