America’s oldest automobile company and manufacturer of passenger vehicles, Ford Motor Company (F), recently teed up for a long trade.
Let’s take a look at the chart and break it down…
As you can see, Ford has been trading in a bearish trend for the most part.
The teal channel structure suggests a series of lower highs and lower lows.
You can also see that price exited the lower channel, which is where I set my stop below that pivot swing.
The Buy Trigger
Then, price proceeded to reenter the channel, and on a weekly basis it settled 1%+ above the lower channel line.
For me, that is a trigger to buy as long as I can safely secure more reward than risk needed to take the trade.
In this case, I was able to do just that.
I can’t wrap my head around potentially losing more than I’m attempting to make.
Set It & Forget It
There was less risk than potential reward, and there was a 1%+ entry confirmation and a 1%+ target buffer in place.
It was simply time to set it and forget it.
Entry, stop & target… After that, just let it do whatever it’s going to do. It’s either going to end up with a profit or a loss.
If the strategy holds true, we win more than we lose.
The market is going to do what it’s going to do. None of us have the power to alter that.
And if we watch the trade too closely, there’s a greater chance of us doing something we shouldn’t.
On the third trading day of this position, price spiked and filled the limit target order. The trade was over, and the idea effortlessly made 6.37%. Time to look for another opportunity!
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Rules to Live By
“You’re off to Great Places! Today is your day! Your mountain is waiting, So… get on your way!” Dr. Seuss
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.