We are ready to set pending orders on NIO

We are ready to set pending orders on NIO

We have been making multiple analyses on NIO with the idea of taking long setups if the situation developed as we expected. Now the filters we created are 100% finished, and we will develop bullish setups towards the next resistance zone (Check the link to related ideas to see how this process went from 0 to the current setup we will take)

-The price has bounced from a key level ( Support zone + ascending trendline)

-Now, we will set BUY STOP LIMIT ( GTC ) orders on the breakout of the current flag pattern (that means that we give a range of execution, in this case, is 45.46 -45.88)

-Our Stop loss is below the Flag pattern ; if we are wrong about this trade, we want to cut our losing position there. (in that case, we will lose 1% of our trading capital, Risk management is a key concept that difference profitable traders from unprofitable ones)

-Break-Even: This is the level at which you want to protect your gains once the price goes in your favor; in this case, if the price reaches 50.27, we will move our stop loss to the entry-level

-Take Profit: We will close our setup on the next resistance zone at 54.43 (Why there? because we can see selling pressure on that area, and we will be more than happy with a 1.75% of profit in our accounts)

Duration of the setup: If the setup is activated, we expect a 10 to 15 days duration

Where to cancel the setup: If the setup is not activated and the price reaches the stop loss zone, we will cancel the setup

Finally, we will close this Idea with a great quote from the book "Trade like a stock market wizard - Mark Minervini"

Can you believe that an investor of Mark’s stature is right only 50 percent of the time and has still made a fortune! That is due to his use of risk management.

If you want to become a consistent and profitable Swing Trader and achieve 40%+ returns, in the same way, we do it.
Send me a DM on telegram "Swing Trading" and let see if you would be a good fit for our program