United States Steel Consolidating

US Steel has been showing momentum for the past month or so. I see in the charts that it has the potential to keep moving higher, perhaps all the way to $40 if it is able to clear some resistance around $26. If it does, entering a position around $26 with a stop at just below $23 gives me a Reward / Risk around 5 : 1.
Always calculate what the reward is for a given risk and as a rule of thumb don’t enter trades that rewards you less than 3X your risk.

About Stock Trade Journal

The information in this blog is not investment advice. Please consult a financial advisor before investing. I have been trading stock since the 1990's and survived the .com crash. I am developing software applications to help me trade better and now I am making them available to help other traders. This blog is also a way to share my experiences and observations in the market.
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