NIO trade idea - still on a bullish path expecting $14+Alright Tradingview fam,
Another order block trade coming right at you.
I'm expecting for NIO to open higher on market open, likely reach $13.70-$13.80 , only for price to crash back down to the $12.70 range and reverse right back out again.
There are two good plays to catch on these reversal.
If you're an options player, $13.50 strike puts are going to put you ITM with the fall back down. You'll be able to quickly convert them back into $13 call options and you'll be able to hold those until we see a bearish pattern emerge. 12/9 expirations are going to be at discount for your puts, which will give you the best ROI. I would highly consider 12/16 expirations (or further out) call options for the move out of the $14 range once price retraces from open highs.
Let me show you on the 1 min timeframe exactly where I see these order blocks on NIO:
You can see lapses where price does not have an immediate retracement at. These are areas of interest for your shorts/longs.
The reason I'm calling for a higher open on NIO at or after market open is because BTC is currently starting a bullish run...... You can see my previous idea on it. The trend on BTC usually gives me strong indicators on where the market is likely to go in the morning because it prices in the important Asian session overnight... (pro tip - learn to read the direction of BTC in the evening to find out active stock bias on market opens in the morning. Key levels on BTC will indicate reversals in the general market. That's why it tends to be a leading indicator for my stock market trades)