$SMCI Ready for Flat Base Breakout?

I have an alert set on that resistance line where I’ll look to go long if the market also looks good. There is a big gap from Aug 9 that I think can be filled. However, there is also some resistance apparent around $297 looking back at the 2 big red bars. It looks to me that found support at the All Time High AVWAP. See notations on chart.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Trade active

I have started a 1/3 sized position in this as it seems to have found support at the 50 DMA. My stop is now is a close under the 50 DMA. I will add if / when it moves over the overhead line of resistance.

Note

Just 30 minutes into the trading day we have 1/3 average daily volume. This is lining up to be another Pocket Pivot Day (TBD)

Note

I had brought this up to a 2/3 sized position later yesterday. I just took 1/2 off with a 26.25 per share profit. I have a hard stop on the remainder at a $22 profit per share. Take $$$ when the market gives it to you.

Just because I am closing part or all of the position does not mean I am done. It has been a fast move and I would like to see it pullback and start up again at which time I'll look to make another entry. All TBD.

Trade closed: stop reached

Just closed out all remaining shares as my hard stop was hit. Back on watch list.

Note

I am liking this pullback on $SMCI. I am hopeful that it pulls into the breakout area and then resume it's uptrend. All TBD. This is my #1 watchlist as it can have explosive moves higher.

Trade active

pulled back to the All Time High AVWAP and bounced. I have added 1/2 size as it crosses back over the breakout area. Stop just below today's low. Let's see what happens

Note

I'm back on $SMCI. This triggered for me this morning. Running a tight stop. Let's see what happens.

Note

I have added to this position again this morning as it takes over the 50 DMA. Stop on this lot is a close below the 50 DMA. Now 3/4 sized.

Note

Just added another 1/4 size to bring up to full sized position. Stop this lot close below 50 DMA. I may look to bring this up to 1.5 size position, TBD.

Trade closed manually

I closed this position as the market as a whole is pulling back on more interest rate worries. I made a "small" profit as I didn't want to sell but preserving capital to fight another day was / is the right thing to do. This is still high on my watchlist. I'll start a new idea if/ when I see another opportunity.

jaxdog

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.

Also on:

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.

jaxdog

Also on: