MGM - Dec 24 Opening Sustainable Momentum
Grading B 7 points
No idea, it is a pute technical play +1
Stock’s fundamentals are also aligned +1
Greater force - There is alignment with RUT +2
Technicals - Breakthrough below H1 100SMA, consolidation, Strong KL resistance above 100SMA(H1)
Opening Sustainable Momentum 🧑🏻🚀
Strategy
Signals identify market opening H1 candles through momentum and behaviour change that potentially could indicate a shift in the current price overall structure (Price gaps and ADR %).
Risk
We use the signal candle's highs and lows for entry and stop loss. If price hits the stop loss, it is clear that the shift we expected did not come to fruitation.
Current SL is at 0.25Fib
Focus
Focus is never on the signal candle alone, but it's role in the larger structure and the direction it is inclined towards with a minimum Risk & Reward of 2R.
Stock must be in a pull back or consolidation area waiting for a broad market momentum to ignite it forward.
Character
Trend, Positive Skew
