Hepa over at the "No xTrends" site has thrown down the gauntlet to financial bloggers by challenging them to offering specific trading ideas – – symbol, stop price, target price – – as a response to the squishy vagueness he believes is prevalent in the financial blogosphere.
I'll preface this by saying that Slope, for me, is a stream of consciousness exercise. If I have a trading idea, I'll throw it out there. If I want to give you an update on my chickens, I'll talk about my chickens. If I feel like sharing some music lyrics that mean something to me, I'll do that. So this isn't a Get Rich Quick blog. It's more of a What in God's Name is Tim Thinking Now blog.
Having said that, when I do offer trading ideas, I usually throw out little more than a symbol and a direction. I don't have the time, inclination, or incentive (or helper!) to spoon-feed trades. I may be in the trade for 30 seconds. I may be in it for weeks. My trades are my business. What you do with trading ideas is your business.
But I'm certainly happy, on a time-to-time basis, to offer Hepa a specific idea with concrete details so he can track whomever decides to participate. So here goes:
My trading idea is to short Royal Bank of Canada (symbol RY). The price as I'm typing this is $51.50, so I think Hepa should use that as his entry price for tracking purposes. The stop is $54. The target is $41. The rationale is a well-formed topping pattern which, should the price break 48.16, should send RY swiftly downhill. And here's the chart!
