This is an update on the "GOOGLE Short Squeeze" Trading Idea, especially for those who traded on this idea.
(What is the current Price and Technical Level?) After the idea was posted, Price did a bearish retracement move to as low as 531.00 before making the breakout move upwards. However this retracement move did not trigger any stop losses below 530.00.
Kudos to those who have followed the idea closely and held firm to their long positions.
Price has currently now reached the measured Profit Target of $580.00. Also RSI(14) is around 71 levels, which fulfils the Advanced taking profit condition.
(Why not leave the long position open for the long run?) Based on price action between July 2014 and Oct 2014, we note that price is choppy and and resisted. Therefore, right now price has entered into a resistance zone between 580.00 and 600.00 and may face the same choppy resisted movement once more.
Also, please be aware that this idea is a bullish trade in a Consolidating environment. Hence there is a lack of a general trend to support prices higher.
(Conclusion) Essentially, this idea has met the projected price objective and is effectively over. Therefore, please close your long positions if you have traded based on this idea and have a little reward to yourself for a trade well taken. For those who intend to keep it open for the long run, perhaps I can refer you to read the book titled "Buy and Hold Is Dead", by Thomas H. Kee Jr.