Good Friday, Traders!
And a Good Friday it is for the world, as markets are closed for today’s observances ahead of the long Easter holiday weekend.
With markets closed today and for many through Monday, this provides an opportunity to review past trades and reflect on how they worked… for both better or worse.
In my financial advisory product, Josh’s Top 5, we continue to generate plenty of great gains with the average gain for hit trades running at 7.40%, according to our Trade Tracker.
And for the running total gains of hit trades, that number according to the Trade Tracker is now at 821.67%.
Now, not all trades work out as initially planned. But here’s the thing for us… We don’t just trade and forget. We stay with a trade and make changes to adapt as our research takes us.
This allows us to make more gains, even if at lower adjusted levels than originally planned.
But gains are gains. And you don’t want to “play chicken” with the market unless you are prepared to adapt as needed.
Today, that’s exactly what we are sharing with you in one of our recent adjusted trades with booked profits in one of the biggest chicken companies in the world.
The Chicken Trade
This is the review of the chicken trade that kept us fattened up with profits without getting plucked!
Specifically, we had a trade running in one of the world’s largest chicken and other protein markets with Tyson Foods Inc. (TSN) inside Josh’s Top 5.
The trade was set up for entry back on March 17 with the following discussion:
“The market price on the daily timeframe has shown an uptrend in regard to price movement with a series of higher highs and higher lows.
The market has recently reached the bottom of the primary trendline displaying a new low price. There has also been support found on the one-hour time frame.”
The entry was made by paying no more than $88.54 with a profit objective of over $98. But conditions changed, and we’ll address this in a moment…
Here’s how the chart worked including for the early profit-taking on Tyson…
The key thing to know is that we don’t just fire off a trade and forget about it. Instead, we stay with them, and if conditions change, so too will the trade recommendations.
This is what happened on April 8. With our continuing research, we saw the following…
“The market is finding some significant resistance around the $92.77 price point which is also in line with a 1.618 Fibonacci Extension on the Daily Time Frame.
Because of this, we have decided to take an early exit of the position. If the market price does rally again and then closes/confirms above that price point after a possible re-test, there may be an opportunity for a potential re-entry to the original take profit location of $98.08.”
So, the trade was changed, profits booked and subscribers to Josh’s Top 5 made money and can come back to another trade in Tyson at a later date!
For more on the markets as well as trading education and trading ideas, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep On Trading,
P.S. If you have been following my work over the past year, you’ve hopefully traded with me in Crude Oil futures contracts (CL) as prices went from the $40-$60 range to my initial target level of over $95.
But there is so much more opportunity in the petrol patch…
The post Take A Moment to Review A Profit Trade appeared first on Josh Daily Direction.
