*This is not financial advice, so trade at your own risks*
*My team digs deep and finds stocks that are expected to perform well based off multiple confluences*
*Experienced traders understand the uphill battle in timing the market, so instead my team focuses mainly on risk management*
Here @SimplyShowMeTheMoney we strive to educate our traders on the importance of being able to recognize rare occurrences in the market structure on a chart. Today GameStop $GME presented us with a rare opportunity in its structure that my team simply could not ignore. We watched $GME open at 12% and shoot up to around 20% before retracing all gains back down to the negative 1 hour before the final bell. This comes as we enter a busy earnings week with a 2-day fed meeting that begins tomorrow and numerous data reports that could ultimately dictate the direction of the feds and the market.
$GME is no stranger to making headlines. With midterm elections right around the corner we wouldn't be surprised if $GME made a ridiculous move in either direction.
My team was able to secure shares of $GME at $28 while it was red this afternoon. We have an automatic stop loss set at $27 due to the obvious risk factors associated with $GME.
Entry: $28
Stop loss: $27
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Trade closed: stop reached