Hey Market Pilot,
A few weeks ago numerous names were starting to shape up exactly as I needed them to take advantage of this market. It was exciting to see them come alive in the Moxie IndicatorTM way and I began telling my subscribers about them. Because I have definable setups and patterns, I could instruct them as to what phase of the setup tickers were and generally what to expect. This way, when the move started to gather some steam, we all knew when to exit with a profit and walk away.
The flipside about knowing what phase of the pattern the move is in is that we understand the consequence of overstaying our welcome. Lordstown Motors (RIDE) was a perfect example of all that playing out over the last few days (chart below).
For those who know my dependableElf Shoe pattern, I have been seeing the first half of that setup occurring on the weekly charts of so many tickers. Since we knew it was only the first half, we knew that this was a get-in-get-out kind of trade and to not hang around too long.
The entry was as price started to get past the daily 50 simple moving average (SMA) and the target was the weekly 21 exponential moving average (EMA). This move just so happened to take a quick three days to move which was a delight and provided a solid 35% return. Even before the move started, I specifically told the Moxie IndicatorTM subscribers what to expect and where to exit.
I also told them what would happen after hitting the target, which proved to be correct after more time passed. Once that initial move occurred, price then dropped swiftly right back to where the first entry was. Therefore, if you weren’t a subscriber, you might have given all the gains back and could have been a little surprised by the sudden drop.
I love seeing these exciting moves in the market and also being able to objectively teach it to others who want to benefit from the method I have developed. I believe the second half of my Elf Shoe pattern is starting to set up across the board on higher time frames like the weekly. And if I am correct in my assessment, then we are going to have an incredible few months as we come into the seasonally bullish run toward the end of the year.