Dropbox (DBX) tradeDropbox (DBX) trade
Hi everybody, Lazy Bull here of Save & Invest,
let's start this 2022 business, which will bring numerous innovations for those who follow me, with a limit order that I had in the market for some time, executed yesterday after the third consecutive reversal of the S & P500.
My trade, you can see from the screen, was $ 22.77, the low of the day was 22.70.
Magic? Crystal ball? ... obviously!
Joking aside, I have been telling you for months and showing you that the market is driven by only one thing, volumes. Whether they are institutional, retail, programmed algorithms ... the volumes on the price ranges are the REAL supports and resistances.
So why $ 22.77? Simply because it coincides with the POC of the last 2 years.
It can move, it could go up or down, depending on the time we select. Generally, I always check the poc of the last year and the previous one, to find the price levels where to make an entry or an accumulation (if we are talking about a long-term investment).
In the case of Dropbox, not being particularly volatile, I expect a rather long trade, although of course there is always the exception to the rule.
Said so it seems very simple, but obviously you cannot reduce everything to the purchase on the POC, also because this event does not always occur. Studying daily and having a method is the key to success.
Target price:
- $ 25.22: take profit for a quick 10% profit
- $ 28: important volumetric level
- $ 31: level where you can completely close the position
Happy trading
Lazy Bull
DISCLAIMER: I am not a financial advisor nor a CPA. These posts, videos, and any other contents are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
