RIVN reverses to upside LONG
Updated
In my previous idea, RIVN was short from the highs. That position was closed today as RIVN
fell below the target. I now based on this idea have a long position. RIVN's move the second
half of today's session was supported by a strong bullish move in the general market from the
federal financial data principally the jobs report.
On the 15-minute chart, RIVN formed a head and shoulders from January 29-31. The previous
trade was from the top of the right shoulder until this morning when RIVN was progressing
through a double bottom which intraday formed a " W" or " reverse cowgirl " pattern.
The bearish ( selling only ) volume profile shows high-volume nodes at 15.8 and 16.0 so
these are my targets. Price is above the POC line of the volume profile which is a bullish bias.
Price is currently near to the level of a standard Fibonacci retracement of the previous
downtrend I will take a long trade with targets as mentioned. The ideal entry is at 15.62
above a bearish high-volume node.
Additionally, I will take a call option striking 16 for February 9th.
As an aside, FSR is presenting a similar chart pattern and set up at a much lower price point.
However, as a penny stock FSR has higher volatilities and may represent a lower probability
overall. A trader may want to take a small position in each and see how they do.
fell below the target. I now based on this idea have a long position. RIVN's move the second
half of today's session was supported by a strong bullish move in the general market from the
federal financial data principally the jobs report.
On the 15-minute chart, RIVN formed a head and shoulders from January 29-31. The previous
trade was from the top of the right shoulder until this morning when RIVN was progressing
through a double bottom which intraday formed a " W" or " reverse cowgirl " pattern.
The bearish ( selling only ) volume profile shows high-volume nodes at 15.8 and 16.0 so
these are my targets. Price is above the POC line of the volume profile which is a bullish bias.
Price is currently near to the level of a standard Fibonacci retracement of the previous
downtrend I will take a long trade with targets as mentioned. The ideal entry is at 15.62
above a bearish high-volume node.
Additionally, I will take a call option striking 16 for February 9th.
As an aside, FSR is presenting a similar chart pattern and set up at a much lower price point.
However, as a penny stock FSR has higher volatilities and may represent a lower probability
overall. A trader may want to take a small position in each and see how they do.
Trade closed: stop reached
Trade active
Re-entry went from sideways to a little bullish. Might have found a lower low from which to take a long entry.Trade active
Raised stop-loss on long trade to breakeven. Now risk free and patient.Trade active
Saw a Rivian today on the highway passing me and some TSLA sedans accelerating from 90 to 80 faster than I could blink my eyes.Targets set, options taken for mid March at $20. See target chart linked here:
Note
Target chart:Trade active
I am now short RIVN puts went up 30% on Friday they run until July sfgate.com/tech/article/rivian-layoff-unprofitable-irvine-cars-18682507.php
Trade active
LONG RIVN on the reversal 
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