If you are a pure technical trader, having the self discipline to exit a position when it hits target, or your stop is, no doubt, pretty much essential.
I do a bit of everything, Jack of all trades, master of none
My way of thinking is when I see a chart pattern suggesting a Price Target, or when I see the SP break resistance/support suggesting a move to the next resistance/support, is more like: OK, current sentiment indicates the SP is going there, so if it doesn’t go there, that indicates sentiment has since changed and if it does go there, I would prefer to check if sentiment increased in the same direction before I decide it isn’t going any further. eg this week, I am pretty sure most would agree SXY sentiment became more bullish than it already was. So I would not have taken my money off the table if it hit my 35c target, (which it hasn’t yet.)
I don’t think one’s right and one’s wrong, it’s about knowing your personal strategy.
Here’s the chart as I see it. The trick will be staying in the rising wedge as it narrows, once it cracks 34.5c. It will be obvious if and when it breaks down and that might be when I would consider selling any trading parcels. As discussed already with SKM and others, I wouldn’t be looking at LT holdings until those MAs start misbehaving
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