Wallgreens Long for 2024
This morning I received a volatility alert on NASDAQ:WBA. The stock had earnings today and the resulting price action was bearish down to a significant potential support level.
The Trade
The Weekly the Ichimoku 9-period (red line) shows that short term 50% level as it goes flat providing a Weekly entry point. The risk is that price makes another major low. In my trading toolbox I call this setup a "TS Recap." I discuss these during my Weekly Livestreams here on Tradingview. I was able to enter my position earlier this morning and price has responded favorably by the time of writing (fill before you shill).
The Context
Since November 30, 2023
WBA has had a bullish trend off the recent major low. I call these type of moves "Impulse Moves" because they represent significant buying over a short period of time that have the potential to be the first move of a full trend reversal. I look to take them as trades (or long term positions entries) when they perform a pullback to their 50% Retracement. This is what it looks like on the Daily timeframe:
If we go up to the Monthly we see thatWBA is doing this price action at historic, 2008 and 2000 lows. This is a significant point and worth the risk for a long with a time horizon to span 2024.
The Trade
The Weekly the Ichimoku 9-period (red line) shows that short term 50% level as it goes flat providing a Weekly entry point. The risk is that price makes another major low. In my trading toolbox I call this setup a "TS Recap." I discuss these during my Weekly Livestreams here on Tradingview. I was able to enter my position earlier this morning and price has responded favorably by the time of writing (fill before you shill).
The Context
Since November 30, 2023
WBA has had a bullish trend off the recent major low. I call these type of moves "Impulse Moves" because they represent significant buying over a short period of time that have the potential to be the first move of a full trend reversal. I look to take them as trades (or long term positions entries) when they perform a pullback to their 50% Retracement. This is what it looks like on the Daily timeframe:If we go up to the Monthly we see that
WBA is doing this price action at historic, 2008 and 2000 lows. This is a significant point and worth the risk for a long with a time horizon to span 2024.
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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