Trader MD

My targets on these trades were much higher. For MTL I was looking for a test of the recent all time highs 165 (if not higher) and for IPI I was looking for it's recent all time highs of 53.50 (if not higher), but sometimes you just have to take what the market gives you.

Both of these stocks are also follower stocks in leading sectors (Ag & Steel). When watching the leaders in those sectors (POT & X, respectively) start to act sluggish, while the rest of the market roll over, it was a good sign to be more aggressive with stops.


One thing to notice between the two swing trades, is how they were entered (especially since both have had pretty decent run ups before their break outs).

MTL had a more orderly consolidation/pause before breaking out of its channel and was in the stronger sector, so I entered the trade on a break above the recent highs.

IPI had a more violent break out and had little to no pause before breaking out, and as a result I waited for a break above the bars that close above the descending trendline of the triangle.

Posted by Trader M.D. at 5:19 PM

Labels: Ag, Channel, IPI, MTL, Steel, Swing, Triangle