I entered into this trade on monday
What I saw? longggggg consolidation after a huge up - did not want to enter while price was consolidating
consolidation = price goes nowhere = capital tied up = getting frustrated from having your position go from green to red, red to greed, greed to red and freaking out about almost having stop losses triggered or even having tonnes of stop losses triggered and eventually losing patience for a breakout.
This breakout is significant. We are in blue sky breakout which means this dang thing can start another bull run and go HARD
Shorts are being squeezed here and with biden as the clear winner who is +++pro for green energy and renewables, this could be a multi week runner
The play unfolded like this
Buy-Stop 64$
Stop-Loss 60.75$
Number of shares: 300
Total investment of capital upfront: $19.200 (about 1/3 of that is needed if using a margin account), so about ~6400 give or take
Max loss: $975
Current price as of Dec 15
$71
Current Profits: $2100 (already doubled my risk)
Going to continue letting this run until I see a reversal candle, big red candle etc
Just going to move my stop loss up to 64$ now to protect any more downside - just going to let momentum ride this thing up and lock up profit as I move the stop loss up
side note was I stupidly sold 3 covered calls at 65$ to collect 1.50/contract for total of $450 deposited into my account. I panicked a bit because this was a tough brekaout to buy since it was getting rejected all day long until finally near the end of the day the bullls took control. I will look to close these for a small loss and roll the strikes up as expiry comes closer - the good thing is I looked at the rolling and I can get a credit while still getting the opportunity to keep the share's price appreciation
FANTASTIC opportunity
If you want to get in, I would wait for a pull back - it would look like a tiny bull flag and then buy the breakout of the bull flag to confirm to us it is a continuation of trend instead of a trend reversal
Will update this as the profits grows!
What I saw? longggggg consolidation after a huge up - did not want to enter while price was consolidating
consolidation = price goes nowhere = capital tied up = getting frustrated from having your position go from green to red, red to greed, greed to red and freaking out about almost having stop losses triggered or even having tonnes of stop losses triggered and eventually losing patience for a breakout.
This breakout is significant. We are in blue sky breakout which means this dang thing can start another bull run and go HARD
Shorts are being squeezed here and with biden as the clear winner who is +++pro for green energy and renewables, this could be a multi week runner
The play unfolded like this
Buy-Stop 64$
Stop-Loss 60.75$
Number of shares: 300
Total investment of capital upfront: $19.200 (about 1/3 of that is needed if using a margin account), so about ~6400 give or take
Max loss: $975
Current price as of Dec 15
$71
Current Profits: $2100 (already doubled my risk)
Going to continue letting this run until I see a reversal candle, big red candle etc
Just going to move my stop loss up to 64$ now to protect any more downside - just going to let momentum ride this thing up and lock up profit as I move the stop loss up
side note was I stupidly sold 3 covered calls at 65$ to collect 1.50/contract for total of $450 deposited into my account. I panicked a bit because this was a tough brekaout to buy since it was getting rejected all day long until finally near the end of the day the bullls took control. I will look to close these for a small loss and roll the strikes up as expiry comes closer - the good thing is I looked at the rolling and I can get a credit while still getting the opportunity to keep the share's price appreciation
FANTASTIC opportunity
If you want to get in, I would wait for a pull back - it would look like a tiny bull flag and then buy the breakout of the bull flag to confirm to us it is a continuation of trend instead of a trend reversal
Will update this as the profits grows!