Closed PANW

This trade pretty much exemplifies my experience with the market over the past few months. Very promising B/O and then complete failure of the move.  I saw the weakness and got out.  Not fast enough to preserve the 4R  profits I had on Friday but I got out with a 1R profit nonetheless.

Entry: 99.79

Exit 1: 104.03 

Exit 2: 102   

Exit 3: 101.19  1R

There's been a lot of talk by some self-proclaimed guru about how great his call on PANW.  Wait for confirmation at 101-102 and you have a 90% success rate.  Except you don't. In this market environment, such an approach does not work. There is no continuation.  I made money here because I anticipated the breakout and then sold into it-- I should have sold more on Friday-- but this is how you make money in these types of conditions.

How do you anticipated a breakout?  It is not that difficult.  Find strong stocks.  check the trend intensity and buy them while they are quiet.   

Partial Close: PANW

This was a Continuation Anticipation setup.  It took a bit longer for the continuation to occur than I had hoped but today was the day.  Finally, a clear break from the consolidation.  Hopefully, there is more to this move than 1 day ... but that has been the dynamics of the market as of late.  To that end, I  took some profits on  20% of my position @$104.03.   

I would like to see a strong move out of the gate but I'm moving my stop up. 

Entry: $99.80

Exit 1: $104.03

Opened PANW

Lots of selling today.  I am a buyer.  I bought PANW as I thought it would breakout but it faded.  I still like this play.  It's one of the strongest stocks in the market and bounced hard off the lows.