Gameplan:
Ticker: AVGO
Sector: Technology / Semiconductors
Average Beta: 0.99
Set up: Wedge Breakout
Entry Price: 490.21 (50%) 495.21 (Add other 50%)
Stop Loss: 477.39
Price Target: 550+
Scale in/out: Will scale in with a feeler at this level about half-size incase I get stopped out I can re-enter at another level. Will scale out 1/3 off of momentum to pay for the trade and give the rest towards trailing and the proper stop.
Will you trail: Will trail with previous day LOD
Next Earnings: June 10th 2021
Previous Earnings: March 4th 2021
ATR: 15.61
ATV: 2.23 Million
Spread: 0.50 - 1.00
Support: 477.50
Resistance: 495, 500, Phycological Figures
Key Levels: 477.50, 495, 500, Phycological Figures
Short Interest: 1.22%
I love this setup, because of its formation and especially the tight entry.. Its stop is right below the pivot and has been consolidating throughout this whole week around this level. This trade has so much potential to the upside and with the market and highs along with all the other catalysts such as the semi-conductors performing well these past months.. there is too much room to grow in this trade but with the level being to tight and the ATR being capable of stopping us out day 1, it is best to grab a feeler and to add to the core position above 495 to prepare for the bigger move.
On the downside there really isn't too many major flaws expect for it consolidation period being fairly quick for an average beta name.. otherwise there isn't any cons about this setup.
Ticker: AVGO
Sector: Technology / Semiconductors
Average Beta: 0.99
Set up: Wedge Breakout
Entry Price: 490.21 (50%) 495.21 (Add other 50%)
Stop Loss: 477.39
Price Target: 550+
Scale in/out: Will scale in with a feeler at this level about half-size incase I get stopped out I can re-enter at another level. Will scale out 1/3 off of momentum to pay for the trade and give the rest towards trailing and the proper stop.
Will you trail: Will trail with previous day LOD
Next Earnings: June 10th 2021
Previous Earnings: March 4th 2021
ATR: 15.61
ATV: 2.23 Million
Spread: 0.50 - 1.00
Support: 477.50
Resistance: 495, 500, Phycological Figures
Key Levels: 477.50, 495, 500, Phycological Figures
Short Interest: 1.22%
I love this setup, because of its formation and especially the tight entry.. Its stop is right below the pivot and has been consolidating throughout this whole week around this level. This trade has so much potential to the upside and with the market and highs along with all the other catalysts such as the semi-conductors performing well these past months.. there is too much room to grow in this trade but with the level being to tight and the ATR being capable of stopping us out day 1, it is best to grab a feeler and to add to the core position above 495 to prepare for the bigger move.
On the downside there really isn't too many major flaws expect for it consolidation period being fairly quick for an average beta name.. otherwise there isn't any cons about this setup.