GM: Longer term setup

We have an interesting opportunity in GM             . This is a more aggressive entry, but we'll protect the position by writing covered calls against the long trade. We shared this setup in the KHL chatroom today.
Good luck!

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Ivan Labrie

Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.

Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise             directly or indirectly from use of or reliance0.57% on such information.
Comment: Good progress.
Comment: Time for the downtrend expired and we have a significant push to the upside. Good.
Comment: Adding on dips tomorrow is a good idea. Use the same stop loss. Only doable if you risked half initially.
Comment: Stop isn't hit, but it might dip a bit lower. You may wait for the shorted calls to pan out, weather the decline, and maybe use the calls profit to cancel the loss, or buy more shares after expiration.
I don't think the decline will last too long in GM, so, doubting the stop would get hit (although technically, you'd have no stop, and simply use it to measure your position size accordingly)
Comment: I was saying...
Is it better to wait for a pull back or to get on the wave right now??
Hi, it was good to enter when I posted the trade. Didn't you?
edmunch IvanLabrie
No because I didn't like the kind of spike of last week :/, even tough another one was formed today.
Oh, I see. It's a shame, the entry was perfect for me back then. It's still ok, you'll need bigger risk tolerance, a wider stop, and Vix is lower, so return from selling options is lower as well.
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