Terex Corp. (NYSE: TEX), a Thing of Beauty

This is the kind of trade I’ve been waiting for! Around noon EST I set an alert for the price crossing 62.50, which would be a break of the 11AM candle high. Then I more or less forgot about it. When the alert went off, though, I really liked what I saw… high volume, a nice smooth base around the OR high, and then an explosive move up that doesn’t meander a bunch around the breakout point.

Why is that last part so important? Because if a breakout doesn’t really move at first, that’s where all the mental stress is. If it fails right away, then the trade was bad. No problem. Been there plenty of times. If gives me a couple cents, then takes them away, then gives a little, then goes negative, then flat again… I’m on the edge of my seat, and always wondering if I should take a couple cents, or let the trade run. If it’s like this Terex Corp. (NYSE: TEX) trade, there’s no question in my mind what I should do… just keep raising my stop and locking in more and more sweet sweet profit. :-)

Shown above is the 30-min chart as of 2:22 EST, where it has clearly decided to go straight up since the breakout. Very nice. No need for an Ultimate Trader post today… right now I feel like the ultimate trader.

[EDIT: right after making this post, TEX started an hour long drop all the way back down to my original buy price. My stop was way up at 64.27 by then, though, and I made over 3R. This is my first trade for more than 2R since July. Due to my preference to grab quick profits, I don't often see a trade like this. I guess the truly ultimate trader would have shorted it and rode it down for another 3R, but whatever. I'm happy with it.]

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