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Yesterday, IYR formed a second consecutive reversal candle and now appears ready to make a move higher. Notice how IYR undercut but reversed to hold support of the five day low. Also notice that this occurred on an uptick in volume. All of these factors bode well for IYR if it can find its way back above Wednesday’s high of $61.89. IYR provides an excellent example of why we don’t exit trades before they hit their stops. It’s easy to “choke off” a trade when the pressure is on. Markets often turn on a dime and you must be able to sit through some pain in order to realize potentially bigger gains. Anyone not yet in IYR, could consider entering the trade above this key resistance level.

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