JCP – Simple Trading Update – 7 October 2013

J.C. Penney has followed the price action playbook to the letter and has made new all time lows.  We understand the temptation to try to catch this falling knife, but think both time and capital are better risked elsewhere.  Still, if you must, look for price to trade through the high of a weekly bar which also makes the 52 week low.  Be sure to place a hard stop just below the low of that trigger bar.

simple trading

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