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AwesomeAvani
Feb 3, 2024 3:02 AM

RIVN reverses to upside LONG Long

NASDAQ:RIVN15
Rivian Automotive, Inc.NASDAQ

Description

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In my previous idea, RIVN was short from the highs. That position was closed today as RIVN

fell below the target. I now based on this idea have a long position. RIVN's move the second

half of today's session was supported by a strong bullish move in the general market from the

federal financial data principally the jobs report.

On the 15-minute chart, RIVN formed a head and shoulders from January 29-31. The previous

trade was from the top of the right shoulder until this morning when RIVN was progressing

through a double bottom which intraday formed a " W" or " reverse cowgirl " pattern.

The bearish ( selling only ) volume profile shows high-volume nodes at 15.8 and 16.0 so

these are my targets. Price is above the POC line of the volume profile which is a bullish bias.

Price is currently near to the level of a standard Fibonacci retracement of the previous

downtrend I will take a long trade with targets as mentioned. The ideal entry is at 15.62

above a bearish high-volume node.

Additionally, I will take a call option striking 16 for February 9th.

As an aside, FSR is presenting a similar chart pattern and set up at a much lower price point.

However, as a penny stock FSR has higher volatilities and may represent a lower probability

overall. A trader may want to take a small position in each and see how they do.

Trade closed: stop reached

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Trade active

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Re-entry went from sideways to a little bullish. Might have found a lower low from which to take a long entry.

Trade active

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Raised stop-loss on long trade to breakeven. Now risk free and patient.

Trade active

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Saw a Rivian today on the highway passing me and some TSLA sedans accelerating from 90 to 80 faster than I could blink my eyes.

Targets set, options taken for mid March at $20. See target chart linked here:

Comment

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Target chart:

Trade active

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I am now short RIVN puts went up 30% on Friday they run until July

sfgate.com/tech/article/rivian-layoff-unprofitable-irvine-cars-18682507.php

Trade active

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LONG RIVN on the reversal
Double Top or BottomHead and ShouldersVolumeFSRRIVNevstocksreversal_tradingwpatternbullishFibonacci Retracementpoclinebearishvolume
Comments
ThaFlashy
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Good entry time!!!
namv2008
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I think rivian just trading in a channel that is setting lower lows. I do not think break out yet
AwesomeAvani
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@namv2008, long trade from 15.2 in profit. I will take more if there is a fade this Friday afternoon and not realize the unrealized profit. Targets are unchanged. ( Holding and adding).
AwesomeAvani
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AwesomeAvani
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see also WKHS which is a watchlist idea for a reversal from deep oversold territory
jaredradosevichffl
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NIO, FSR, RIVN all same atm! I do own and buy NIO and FSR.....
AwesomeAvani
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@jaredradosevichffl, I have NIO and hedge it with YANG, I have FSR and hedge it with F seems EV stocks are a little shaky right now but with volatility comes profit if you can play it well.
jaredradosevichffl
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@AwesomeAvani, Smart. I dont hedge them but I do the wheel on them weekly so between my covered calls and selling puts I create plenty of cash flow in one of my accounts!
AwesomeAvani
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@jaredradosevichffl, Maybe I need to try that- to sell puts you need to have 100 or more shares in your account, correct?
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