GME on the one hour chart fell over a week from July 27 until earlier today.
The fall has heavy selling volume this morning followed by a flip at the lunch
session into buying solume above the running mean. Similar findings are on
the volatility indicator. The MACD has a cross under the the histogram as
price momentum shifted from bearish to bullish. Price has crossed over one of the
lower VWAPs in early vWAP uptrending.
Overall, I see this as a long setup. With the market drop today, the volatility gryration
tomorrow is a likely reversion to the mean. This should lend support to the
reversal on GME. My target is the green POC line of the volume profile at 21.18
with a stop loss of 20.25. Once underway with the stock trade if good movement is seen
I will take an options contract or two with one day to expiration.
The fall has heavy selling volume this morning followed by a flip at the lunch
session into buying solume above the running mean. Similar findings are on
the volatility indicator. The MACD has a cross under the the histogram as
price momentum shifted from bearish to bullish. Price has crossed over one of the
lower VWAPs in early vWAP uptrending.
Overall, I see this as a long setup. With the market drop today, the volatility gryration
tomorrow is a likely reversion to the mean. This should lend support to the
reversal on GME. My target is the green POC line of the volume profile at 21.18
with a stop loss of 20.25. Once underway with the stock trade if good movement is seen
I will take an options contract or two with one day to expiration.
Trade active:
GME rose so the stop loss raised over break even. Risk off.