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.
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.