I hope this is a happy day! I know the people at (RIMM) don't think so, but I hope there are a lot of happy GET customers today who shorted RIMM on the counter trend. Using the Regression Trend Channel entry we teach, one should be short on the Daily chart from about $143.25, with a stop somewhere around $148.35.
The initial target in any Counter Trend Trade is the MOB off of the previous Wave 4. Guess what...we hit that MOB today!
So, for those of you who are short, it is time to execute some money management. You are already greater than 3-to-1 Reward to Risk on this trade. It's time to adjust your stop, at the very least. Partial profit can be taken here as well. We don't have to get out of everything, because we are only 5 bars into this downtrend. Most swings in the market have 13 to 21 bars! Thus, we're expecting more to come. The great thing is that there has already been good profits on this trade, it has met expectations, and we can keep the majority of the position on with absolutely ZERO risk!
Be prepared!
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