HDI trade ideas
HD over 272.05Swing pick. Bullish falling wedge and consolidation ready for breakout. Basing above the VPOC dating back to the last impulse move in late June. Fib levels shown have good confluence with fib extensions. One target provided above ATH as well. S/L 268.53.
Traditional|HD|Long and shortLong and short HD
TA:
The idea is for both scenarios, the activation of one and the scenarios will serve as a pinning/breakdown of the blue zones (Screenshot attached).
I have identified two regression trends, the first trend is upward, the second trend can be either consolidation for further price rise, or unloading for further fall (Screenshot attached).
In the second regression trend, i highlighted a triangle consisting of the formed support and resistance lines, the result of working out this figure may also be an unobvious scenario, so both options are considered (Screenshot attached).
The entry zone to Long is determined by the breakdown of the triangle resistance level and fixing in this zone (or its breakdown).
The take zone in this case is the green zone formed by the fibo level to determine the price and the local fibonacci level.
The stop zone can be a return to the support level (the former resistance level of the triangle and consolidation in it).
The red arrow also indicates a possible alternative growth scenario with a retest of the support line (Screenshot attached).
The short entry zone is determined by the breakdown of the previous local minimum and fixing in this zone (or breaking it).
The take zone is 2 green zones at once, it may be better to use this to close the deal in parts. The first take zone is determined by the support level of the triangle and will be relevant both when working out the support level and when it breaks through. The second take level was selected using the fibonacci level to determine the price.
The stop zone can be in the first case a return to the blue zone where the trade was opened, in the second case a return to the triangle and fixing in it.
The red arrow also indicates a possible alternative growth scenario with a retest of the resistance line. (Screenshot attached).
There is also a discrepancy with the RSI indicator (Screenshot attached).
Home Depot - Buyer Exhaustion In A RangeBuyers seem to be losing steam in this range as there is a clear downtrend that can be seen in the 2-hour timeframe. The orange line is the AVWAP which is anchored from the starting point of the rally on June 15th.
Newer to TA so would appreciate any feedback. I know that the market is overall bullish on HD but the technicals are showing that there is some downward pressure at the moment.
$HD LongLEVELS
ENTRY: $270.50
STOP: < 262.00
TARGET $328.50, 377.00
REWARD: +21.4%, 39.4%
RISK: -3.5%
POSITION: Full Size
Home Depot - HD - Short StrangleHome Depot - HD - Short Strangle Options Strategy
What do you think? I personally think it's going to channel for a while so I put a strangle on.
As always, please do your own DD.
RectangleRectangle support line penetrated but HD is back inside..
A bearish narrowing Rising wedge has possibly caused a deep pull back.
Lowes is still inside the rising wedge and has not broken the bottom trendline..yet. HD has broken the bottom trendline so the RW pattern is valid.
Rising wedges are most often bearish, although price can break up and out of a RW. CRM did for quite a while. The break to the upside is often not a healthy one though.
A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. The pattern is easily identifiable by two comparable highs and two comparable lows. The highs and lows can be connected to form two parallel lines that make up the top and bottom of a rectangle. Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas. It can also be called a horizontal trading channel. HD is in a long term uptrend and has dropped to 258.73 on it's brief dip out of the channel. NV is high
Price can form patterns inside the rectangle. It almost looks like an ABC bullish pattern is trying to form. I am watching.
HD may continue to trade inside this pattern, but often MR/mid rectangle is used as a stop if it breaks to the upside or to the downside. Price is under MR today
HD Long OpportunityWe have nice flag pattern here and also doji + confirmation candle on 0.618 fibonacci retracement. From a wave theory you can see possible AB=CD formation. We are also at support level,which seems to me already rejected.
HD Trade Idea (updated)Being a little stubborn around the 265. WIth the overall market sentiment, vaccine news, and sector rotation.
I'm holding spreads at the moment as they arent affected by theta.
SL is under 263.50
Entry for calls over 265.80 and 270
$HD Swing Trade Opportunity One the one hour you can see 262-164 is a strong support , its good to see HD consolidating for this level, a breakout of 266 would start a strong uptrend, this a good opportunity, might be looking at some Jan 21 Calls .
What's your Take ?
Thank you.
HD Long Short Term EntryLooking for a bounce back to the upside on HD this week or a drop to the 200 MA. In my thinking, there are two entry points here depending on price action. Reversal today or this week and buy around $265 with reducing or selling position at $287. Stop-loss around $260.75. If the drop continues then looking at a slower accumulation of a short-term position between $255 and $248 to be more cautious on entry point and average in, this would be in the 200 MA range and to me seems like a bit of a long shot. Both entries would reduce around $287 on the upside.
I also think either of these buy points would be a good place for adding to a long term position.
A long entry for me would be adding to an existing long-term long position with the intention of reducing back to similar levels of holdings.
