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REPORTS FROM THE TRENCHES
Hubert Senters here.
Let’s take a look at WBA, Walgreens. Let’s take a look. So we’ve got a nice little bracket trade potentially because it’s gapping up. It’s already above the clouds so. It’s probably going to go higher but there’s no guarantees on it. Y
You should always just kind of keep your opinion to yourself when you’re doing bracket trades because it’ll school you a lot if you get your ego involved. But anyway, let’s go through an example of two different ways to place. So number one, you could just do a bracket trading just let it play out and play it like a classical bracket trick.
There’s nothing wrong with it. Another way and what I would do is I need to add deals when I’m doing for bracket trades because only to select the trade blind. It never ends up well for me. So if I’m going to do a bracket trading, I know I’m probably going to go long above $63.30.
And I’m probably going to go short below that low of $61.25. The downside target is a piece of cake. It’s very easy to fine close the gap right here when it goes from here to about right here at $59.25 so I’ve got a downside target.
If that takes place I know what my target to the downside is going to be. Super simple. Now, what about the upside? Upside is a little harder but we’ve got tools at our disposal so we’re going to use is we’re going to use Fibonacci extension or projection depending on your platform in the tool.
I am going to go from this low to that high to a new high or low. So what we’re doing is low, high and now this will project in a future price projection to the high side at a target of $64.67, $68.68, $72.69 and $75.70.
At least now I’m driving with a destination in my mind. And that’s how you do. You’ve got a downside target. You’ve got four upside targets.
Mark Helweg is going to be doing a special webinar on ‘’How to Potentially Profit from Huge Market Moves without Predicting the Direction.’’ It’s going to be Wednesday, November 13th at 8PM EST.
Good luck. Hope it helps. See you on the next video.