Rockwell Automation (ROK) breaking out after short-term double-bottom
Stock: Rockwell Automation (ROK)
Long or Short: Long
Entry: $87.75
Stop-Loss: $84.55
Chart: Rockwell Automation (ROK) Daily Swing Trade Setup
Reason for Trade: I’ve been eye-balling ROK throughout this week, and has the potential to be a nice steady climber assuming this market can hold up in the days ahead. Risk reward is at an acceptable level, and if it hits that desired price level of 91.51, I will tighten my stop dramatically and may even take the entire position off, if it can not break through that resistance level.
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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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