WFC to Long, Double bottom pattern
Updated
Existing Condition:
1. in 60 min, down trendline break by breakaway Gap (G1, G2)
2. Double bottom reversal pattern
Entry below 27.5
Stop below the bottom: 26
Target1: 33; risk/reward=1:3
Target2: 37, risk/reward=1:6
Predict: Runway Gap (G3);
This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
1. in 60 min, down trendline break by breakaway Gap (G1, G2)
2. Double bottom reversal pattern
Entry below 27.5
Stop below the bottom: 26
Target1: 33; risk/reward=1:3
Target2: 37, risk/reward=1:6
Predict: Runway Gap (G3);
This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
Trade active
In my option trade, I bought OCT C30/40 (Delta 0.31), limit 2.00; Sell P22.5 (Delta -0.25) Limit 2.33;
Total got credit 0.33 per share, to simulate 56 shares stock.
Option stop 23.
If stock price stays above 22.5, at least win 0.33;
Note
the market (SPY) might be in side way consolidation for a while, which will form a daily wedge pattern between 240 and 290; (See my 4/9/2020 SPY idea)Right now, IV is still high, buying Call/put is hard to catch a big range in any direction. Buying call Butterfly and selling put at very low price to accumulate long term position might be a better strategy.
Trade active
BuyToClose P22.5, Limit 1.69, win 0.67;
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