Since failing below the 20DMA last month, NIO has been consolidating nicely in a tight pennant pattern. NIO is looking like it's about to breakout. There is a key breakout area at 4.15 where the Anchored VWAP from the December 30th breakout and the 20DMA lines up. Entered this trade early today as it looks like momentum could carry NIO above this area. Went with 50% risk with a tight stop on this trade.
Entry - 4.08 Stop Loss - 3.93 Target - 5.00
Comment
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Moved stop loss to 3.99. Yucky action in NIO due to recent market conditions.
Trade closed: stop reached
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Welp, thats what happens in choppy market conditions. There were signs that markets were going to take a dip but I did not take note of them. Stopped out at 3.78. Good thing I went half size on this play.