I started a position on RH based on some nice patterns on the Daily Chart. RH had been in a pullback phrase after making new all time highs in December. On 1/13/2020, RH pulled into and rejected two different key support levels - the 50% Fibonacci Retracement level and the 50DMA Pivot. A hammer also forms on the 30m timeframe where these two key levels are rejected. I initially wanted to go long when RH rejected this key level, however the R:R was not favorable at the time. Today I went long when RH broke out and consolidated above the Flag Pattern on the daily chart. I plan to take profits at all time highs and move stop to breakeven after taking profits.
Entry - 222.19
Stop Loss - 216.50
Target 1 - 240
Target 2 - 250
Entry - 222.19
Stop Loss - 216.50
Target 1 - 240
Target 2 - 250
Trade closed: stop reached:
Stopped out RH at 220.30. RH chopped sideways and is back at the bottom of the range. Expected a breakout above 230 today or Monday. Looks like it's not happening... next.