UBER 1-4 week swing Idea
UBER Weekly IdeaResearch price = 73.13
Trigger price = 1hr candle close above 74.30
Entry = Prefer a retest of 74.30 after confirm close
This is my ema cross strategy, with exits based on ATR multipliers, and a time limit. This time though, the trigger was set on the weekly time frame which can indicate a longer-term swing. Normally I would enter at candle open (Tuesday), but this 74.30 level is a very big pivot point for this stock, and the current range high, which is why I want to wait to see how it response there.
I love each of the time frame charts on this, but once I get confirmation of entry, I'll try and stick this out so long as the daily close stays above the 12ema
ALL LEVELS CAN CHANGE DEPENDING ON ACTUAL ENTRY AND S&D ZONES FORMED
Entry = 74.30 retest (will choose a strike that is probably in Oct with around .80 delta. Not 100% yet)
SL: 73.5 (just below current 1hr supply)
TP1: 75.40 (July high)
TP2: 76.50 (liquidity level from April)
TP3: 82.14 (ATHs)
Exit by: no specific end date on this one
Exit if: Daily candle close underneath the 12d EMA
I cannot stress enough that UBER is currently within this range of about 71 to 74.
Price could very well test the high of the range and head right back down, with that said though, this would be a big range breakout, so the entry could simply be on a fast break of the range with volume, with a tight stop at that 73.5-.6 level. If it's a slower burn, I'll look for price to close above on a smaller time frame (1hr) and pull back with signs of turning 74.30 into support.
XLI is also on a tear right now, closing at ATHs, which UBER is a holding within.
Note
Has yet to trigger. I did an early entry with starter size but was quickly stopped out. Still waiting for that 74.3 to break and holdNote
While the idea couldn't have been more wrong so far, it also didn't trigger. It's still just within this range, but currently in PM it is sitting right at the low end of it.
This play is really a 2-sided play. Range break and retest downside could offer a great short-term short
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