Dollar Tree DLTR Hits Sellers But Sets Up New Trade 9-17-19
Dollar Tree DLTR hit solid resistance at $113 and saw profit-taking but I like a new long and breakout for my next swing trade.
Game planning for a decline in the stock price to the $106 level to initiate one half of my position. I plan to add on 2-3 days of closing above $113.
Side Note: Buying strength in the stock market has been a tough way to win the last few months, especially during August.
A key to consistency is recognizing the type of trade that's working. Not just the setup but the conditions for entry and trade expectation. With incredible indecision in the markets it's been tough to get clean follow through. So you have seen me write "wait for declines."
This applies to both day trading and swing trading. If you feel like you are losing money as soon as you place a trade, I'll bet you are buying new highs or shorting new lows.
Scan a bunch of charts to notice these things. It's all a part of learning to read the tape. This scan is a good place to start. "Strong stock - Weak close."
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