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REPORTS FROM THE TRENCHES
Hubert Senters here.
Let’s take a look at how to mitigate some risks. Now, heads up, there are no guarantees in life and there are damn sure no guarantees in trading and that is for sure. Oh, we want to try to do is try to mitigate some of the risks that we’re taking with these trades. So we’re going to look at the top net losers today on the Nasdaq because that exchange is down the most.
We’re going to look at a couple here so we’re just going to go through, so let’s go Micron. That’s a one day sell signal. That’s not bad. I like that trade set-up. The ADX is a little bit low but it’s not terrible. It’s probably going to drop down here to $40 specifically since it’s the Nasdaq and there’s some, you know, there’s some semis which Micron is. They’re selling off little bit so it’s not a bad trade.
And then we look at let’s see WDC, Western Digital which is basically a hard drive manufacturer and you’re saying okay, it looks like the same pattern but we’ve got one, two, three, four days below the cloud. That’s probably a little bit more conservative my style so the risk reward ratio on this trade would be a little bit better. But short of that $80, you know, $87.11, stop would be $89.36 and target would be in the ATR.
And now, you’ve got another one on here which is STX, Seagate. Now, Seagate manufactures hard drives too but they also manufacture lots of other stuff. If I was going to do it I would probably go Western Digital would be the best short but I could also go for a case of wealth. If WD goes below then Seagate could potentially be next but unfortunately Seagate makes more than just hard drive.
So if I had to pick between those three I would rank Western Digital the best short and then I would say Micron the second best. And then I would keep an eye on STX, Seagate because once it gets below the cloud it’s probably going to drop about $42. Does that make sense? Hopefully, it does.
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I will see you on the next video. Good luck. Hope it helps.