CGC at a resistance and weekly looks like a bull flagGoing to setup a trade using April $47.5 calls stop-limit $4.25 (tweezer top at $4.20 on the options) with a $1 stop. Risking $100 per contract.
Upper targets low to mid $50 range. Only concern is that the gap from the last two days has no been filled, but let's see if the sellers jumping on at this resistance get squeezed up.
Cheers!
Optionstrade
AMZN ready to push back towards $1700 and beyondWhile the SPY is fighting $280 resistance, AMZN has been making higher lows inside its major down channel. A break towards 1672 then 1723 (5% move from the closing price of today and the 200 day sma) looks to be in the cards as long as the overall market can break through 2800 on ES and hold. I also like that the daily has closed well above the daily 9 day exponential moving average.
A bigger move in the market place is definitely in the cards in the next 2-3 days with the USA-China trade agreement extended deadline from this Friday, March 1. Also Trump meeting with North Korea's leader, Kim Jong Un, to discuss denuclearization. A USA-China trade deal, or even a peace agreement with North Korea could launch this market much higher.
Purchased April $1640 calls with a $10 stop based on the weekly and daily price action. Risking $1k (per contract) of house money to make $5k (per contract)+.
Let's see what happens in the next few days :-).
As always let price discovery be your guide.
ABC is at a strong downtrend line resistanceA lot of volume came in on Friday closing as a doji at major resistance. Shorts are most likely hopping on board here. Going down to the 4H you can see there is an ascending triangle.
My plan is to enter above February 7th's high with March $85 calls. Should be a strong momentum move to the upside if volume moves in on a breakout of the downtrend line.
Let's see what she does this week :-).
SQ coiled ready to pop to $80+ ahead of earningsSQ at a major trendline resistance area from the ATH. People jumped on board short yesterday as you can see the increase in volume and a bearish looking candle.
My plan is take the break of that bearish candle of yesterday with a target of $86 area with March $75 calls stoplimit $5.70 with a stop at $4.50-.60. Not risking more than $250.
As always let price discovery be your guide :-).
FXE - Euro/USD (Short)Short the Euro here via FXE. The chart of FXE is not exactly the same as /6E, but it is generally tracking it. I'm starting to build an Euro short here.
Bought Mar15 '19 111 puts for $2.13 db. Stop and targets are on chart.
