AZPN Pops Through My Pivot Point And I Buy In

If you’ve been keeping up with me on X or subscribe to my emails, you knew that going into this week I had two stocks at the top of my list. One of them was AZPN.

I was watching the open, hoping to see it open near Friday’s close and slowly work its’ way above the 252.18 pivot.

As you can see from the chart below it did not do that. It gapped up on me two cents above my buy price. I didn’t jump on it though. I wanted to wait and see if it would pull back and then push back out above my target.

About 20 minutes after the open I grew impatient with it fluttering around my 252.23 buy price. It appeared to be acting really strong, so I put in a limit order for my target price and it immediately filled.

If I had been more patient and waited, it would eventually pull back into the body of Friday’s candle, before pushing back out even stronger that it did in the morning. It did so on rising, above average volume too, so I’m happy with the buy, especially considering the risk on the trade.

The staggered stops, as shown in the chart, give me less than .5% risk on my total equity, even though I’m already at a half position. If I was more confident in the market right now I definitely would have gone straight to a full position.

Closed Out For Breakeven

When I opened this things were looking up a bit for the general market but we got back to reality the next day. Here’s the QQQ.

While AZPN is looking great the market isn’t ready to turn the page on this correction yet. Until it does I’m going to stay light on stocks. I consider myself lucky to get out at even money with yesterday’s general market day.

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