Long

CVS long following bottoming out, monthly bullish divergence

Updated

CVS has formed a descending triangle and daily appears to be closing above the upper triangle (break out). We have a monthly bull div on the RSI. A forming daily wedge will provide good stop for our trade. R:R lies in longing at break out confirmation.

Trade active

Entry @ 65.985 friday

Note

we touched down on dynlevel (70.05) and daily volume profile node (70.05), failed to make the higher high (71.07). TP could have been set lower but I wanted to put my stop loss at the daily wedge so I stand by my original TP level and we will just have to wait and see how this plays out.

Note

Moved up past the only major resistance before our take profit. Very satisfied with that. Sell order placed @ 79.02

Note

weak bear div on the daily rsi here but not at a major resistance level and the bear div is not clear. Not worth TP early.

Note

We are now at support: throwback and daily volume profile. Seeing a move up here would be very good sign. Coming off a rsi bear div from 6/21 an early TP would be best at 71.20 (top of daily volume profile node), but have not decided if we want to TP early yet.

Note

8% gap down on open today following news that Amazon (Whole Foods) entering the online pharmacy market.

Note

We got a bit of a touch down on the downward trend and a big gap left so our trade still looks good to hold even though we are in the red. Never great when bad news comes out against your technical trade :p

Note

In retrospect daily bear div could have been a great place to close this trade

autemox

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