ROKU
ROKU has had a nice run up but I think some profits are going to be taken here soon and I am planning to capture some downside move.
Already in a supply zone, zoomed in we are approaching the top of the supply zone. Within this wedge, I think ROKU can give one more push up to 138 area before it drops.
Game plan: not entering anything short until 138 area is reached, giving me a better possibility of profit if price rejects this zone. Start of this rally was 108 and that will be my ultimate price target goal.
Already in a supply zone, zoomed in we are approaching the top of the supply zone. Within this wedge, I think ROKU can give one more push up to 138 area before it drops.
Game plan: not entering anything short until 138 area is reached, giving me a better possibility of profit if price rejects this zone. Start of this rally was 108 and that will be my ultimate price target goal.
Note
UPDATE: I have not entered any short on this yet. Despite the wedge being broken down, it sold off right into demand. I still think it needs higher to 138 to see a follow through sell off down to 108. Until then, it is going to be choppy. This is why I wait because trading in choppy zones can just cause a TON of frustration and stress. Wait for it to play out. If it never comes or happens, who cares. If you look at it as a "missed opportunity," then you shouldn't be trading. Every single day there are more than enough opportunities that it is impossible to wrap your head around. If you get hung up thinking a trade was missed, then that is a recipe for sloppy trading and LOSSES! I think this is going to back test the wedge. Will watch price action there because I think we will still re-enter the wedge and can still push for 138. IF that doesn't happen, then I look to the reverse; if we sell off, look for the entry for a long ... i.e., 115 ... 108.
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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.