bertolinitrading

Fire-eyeing breakout w/ close above 46.45

NASDAQ:FEYE   FIREEYE INC
Fireeye Inc             is eyeing the February $46.44 high earlier this year for a breakout. This would be a 52 week high as well. Chart on left is the weekly, while the chart on the right is the daily.

I can wait for a daily close above this level or a pull back from this $45.07 close on Friday. The MACD on the daily chart is trying to move higher.

For Fib extensions you can see clustered levels on the weekly chart around $69 and $97. Large long term moves but real targets to take some off, reduce risk. The 97 price would be fighting an all-time high above 97.35 in March 2014.

STOP LOSS: Right now the Average True Range value on the weekly chart is four. I have been doing ATR(10)value multiplied by 2; so in FEYE             today it is 4x2=8 then breakout price $46.45 minus 8=$38.45 initial stop loss. I would trail it up if the volatility picks up and the price moves above 50 using the ATRx2 subtracted off the high price (the wick on the candle).

Long winded but a simple ATR trail stop loss method I do in my head now, after 10 months of execution in cash account with options and/or stock shares.

Simply put I will be long on a breakout above $46.45

Options one could get SEPT 50 Calls for $2.60 a contract on Friday 05/22
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