After watching this stock all week, Thursday I got my entry on SHOO. It is a scary time in the market and I have been wrong a few times and I have been right a few times. But what I try to do is stack the cards in my favor so I have a better chance at success. I want my losses to be small so it does not take so much time to recover.
Looking at the Daily chart on SHOO, a down trend began on May 4th and ran until we had two or more higher pivot lows and we had at least one above the current down trend line. Lastly, we needed the RSI to be above 50. The weekly chart has never given sell or exit, so I’m taking this as an entry point in the long term uptrend of SHOO.
Right or wrong, I went with what I know and in time we will see. I also have my stop loss set at the last pivot low, so I know my maximum loss is 9%.
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