November 5, 2019

$COST Is A Name To Watch

Costco (Ticker: COST) has been on my radar for a while. We had taken a swing buy about a week ago and lost on the play. Since then, COST has been finding a floor at a key technical range. The 50 SMA on the daily chart. That is a strong barometer of interest in the company’s stock price in the near term. That is a great sign to see when you are looking for a shorter-term opportunity. So today, we have jumped back into COST for another swing play. While I understand losing twice on the same stock may look terrible, you can’t win if you are watching on the sidelines. That previous loss is “out of sight, out of mind” for me. This is a new opportunity and the Risk to Reward remains good. As a trader, I can’t suggest enough to move on from a loss quickly and focus back on the task at hand. Your next trade opportunity and your next opportunity for success. If you have a rhyme and a purpose with trading, you will have a plan and execute it. Once you deviate from the plan, you lose your discipline and mental edge. This is all-important for the longevity of a trader’s career. Out of sight, out of mind. 

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about the author:

Charles Moon

Charles Moon is a technical "whiz kid" whose experience lies in scalp/swing trading. A patient educator, Charles excels at coaching/mentoring and can make complex concepts simple. Prior to joining the ranks of Prosper Trading Academy, Charles was a proprietary equities trader with Great Point Capital LLC. Coming from a retail trading background, his experience can help those with no experience trading to seasoned veterans.

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