GM: Longer term setup
Updated
We have an interesting opportunity in GM. This is a more aggressive entry, but we'll protect the position by writing covered calls against the long trade. We shared this setup in the KHL chatroom today.
Good luck!
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
Good luck!
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
Note
Good progress.Note
Time for the downtrend expired and we have a significant push to the upside. Good.Note
Adding on dips tomorrow is a good idea. Use the same stop loss. Only doable if you risked half initially.Note
Stop isn't hit, but it might dip a bit lower. You may wait for the shorted calls to pan out, weather the decline, and maybe use the calls profit to cancel the loss, or buy more shares after expiration.I don't think the decline will last too long in GM, so, doubting the stop would get hit (although technically, you'd have no stop, and simply use it to measure your position size accordingly)
Note
I was saying...
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