Trade Journal: Long INTC - 1/16/2020

Jan 17, 2020

INTC has recently made new all time highs and is forming a tight flag pattern on the daily chart. This trade setup is called the First Flag and the setup triggers when a flag forms following a new high after a long multi-month base. The flag on INTC also forms right above the breakout point and the 38.2% Fibonacci Retracement Level. My gameplan is to sell 1/4th size when INTC makes new all time highs and move stop to breakeven. Since this is a tight flag pattern, my time horizon on this trade is until 1/31/2020.

Entry - 59.51
Stop Loss - 58.65
Target 1 - 60.50
Target 2 - 62

Jan 21, 2020

Note

Nice breakout today. Took profits at 60.85 and moved stop to breakeven.

Jan 22, 2020

Note

INTC fire... Took off 1/2 at 62.30 average. Holding last 1/4th as "Let it ride". Earnings tomorrow so if gap down = immediate sell.

Jan 23, 2020

Note

Nice gap up on INTC earnings beat... INTC has clear skys (No resistance) until around 70-75 area (All time highs). 72s is my new target.

Jan 24, 2020

Note

With market pulling back, I think I'd regret not taking off some up here. Took off 1/8th at 67.88. Holding last 1/8th as a let it ride. New stop loss is below the gap up.

Jan 27, 2020

Trade closed: target reached

Stopped out the rest at 66.18. I placed a stop loss below the gap up but got stopped out due to the gap down in the market. This was a great trade, I need to improve on choosing to start exiting later. My first take profit was a little bit premature.