ARWR pointing down to fill gap: mini short on a solid long
Updated
ARWR has been a great long trade since mid 2019 but after recent highs around 72-73 levels the risk of a natural pull back became apparent which is why I opened a small short position at the 65 level in late December (I remain bullish on this stock with long term holdings).
Price began to consolidate and form a triangle pattern during the whole month of December. When price lost hold of original uptrend lines and began testing bottom of consolidation pattern the breakout trade profile was alerted due to the potential target towards a GAP @ the 50 level. Confirmation occurred soon after on Jan 2 and price has been holding the then formed downtrend line ever since --> Breakout trade from 62 target 52.
IF this light insurance trade fills the gap I will be closing out my mini short and reloading it into another long position at the 52 support level.
While there are opportunities for small wins during a pull back keeping your solid position on a 1-3 year stallion is more profitable in the long run (no pun intended) and this Arrow will shoot up a lot higher in that time.
Dr. RAV
TRADE to win/Trend is your friend....MANAGE the risk/Makes your success
Price began to consolidate and form a triangle pattern during the whole month of December. When price lost hold of original uptrend lines and began testing bottom of consolidation pattern the breakout trade profile was alerted due to the potential target towards a GAP @ the 50 level. Confirmation occurred soon after on Jan 2 and price has been holding the then formed downtrend line ever since --> Breakout trade from 62 target 52.
IF this light insurance trade fills the gap I will be closing out my mini short and reloading it into another long position at the 52 support level.
While there are opportunities for small wins during a pull back keeping your solid position on a 1-3 year stallion is more profitable in the long run (no pun intended) and this Arrow will shoot up a lot higher in that time.
Dr. RAV
TRADE to win/Trend is your friend....MANAGE the risk/Makes your success
Trade closed: target reached
Well 2 for 2 on shorts in a bull market....Hit my 49.90 target which will likely have me look for set up to go long again.
Trade active
Long set up activated. Time to Buy post short. Buy <44 at or near forming trend line Gap to fill @ 56
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.