Review of recent swing trade in Akorn Inc. ($AKRX)
On the morning of January 31, we listed AKRX as a potential buy setup with the exact entry price, stop price, share size and target price for subscribers of The Wagner Daily. The chart below details the bullish setup on that date, as well as our entry point:
The chart below illustrates the subsequent price action after our entry:
After a two-candle pullback off the swing high, we sold AKRX into the bounce on Feb. 16 to protect gains, due to the lack of follow-through in most breakouts this month. While all traders would love to exit every position near the highs of a swing move, we know it is practically impossible to do consistently. Rather, our job as swing traders is simply to catch the “meat of the move,” which is exactly what we did by selling AKRX when it was up 9%. Put another way, we locked in a gain on 70% of the move, as measured from our entry point to the Feb. 13 swing high.
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