Kentg

LONG - PHREESIA (PHR) - 1D

Long
NYSE:PHR   Phreesia, Inc
DECISION PROCESS
Trend is progressive (exponential selling strength to target price level)
Strong selling exhaust (price is moving strongly with volumes)
Buying pressure (First buying signal appear on support levels)
Contradictory strength (Second buying signal (and confirmation of first one) appear with a buying volume candle)

TIPS
- If market is lateralizing and didn't took direction until the 61.8% extension of the last mouvement (red vertical dash), exit or target breakeven of the position need to be think of.
- On r/r=1 breakeven of the position need to be think of.
- No need to cover much lower than the lowest wick cause we already did a strong pin bar on support.
- Always stay aware of economic news and movement of the engulfing market (Here ES1! ).

PS : You can target top of channel for a longer term position, also a more risky position. The more you are on market much the risk to take losses is higher.
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