Great Breakthrough setup I think shopify has a great potential and is well known already. In addition, the chart is showing my favorite chart pattern of a breakthrough scenario. A really nice and long side-trend and it looks like this time it can get through. This gives a nice risk/reward setup of 9 [Stop: 1000 – 1050; Goal 1750]! This can lead to a 50% increase in some month. That’s my opinion and should be treated like it. No trade advice!
Sorry for the late answer. I still hold it because there is no close below the 1030$
The market overall was a bit rough today, but it looks like it's over for now.
So the trade is still on.
Pastig
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What do you think just now? Today was big red :/
spar_ma
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@Pastig, Sorry for the late answer. I still hold it because there is no close below the 1030$. I only look on the close, unless something really bad happens. I also thought about closing this one, but the market overall was a bit rough today, so I didn't blame the stock for this drop. It looks like it's over for now and goes on as usual.
So, the trade is still on.
Pastig
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@spar_ma, I understand that you consider upward direction to be realistic overall?
spar_ma
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@Pastig, I don't know the future ;) but I really like the earnings they delivered and the Volume shows still an upward-pressure. At every bottom there is (for example) very high Volume, but the Volume decreases every time (17. sep, 10. Nov, 16. Nov), whereas the last on is even a green one. This indicates that the down pressure reduces. And when it goes through everybody needs (shorts) or wants (swing trader) to buy. that's why this can be very fast. If this works out it can be very profitable.
Pastig
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@spar_ma, Thank you. Yes, I hope we will up from here, but do you see the premarkets of the stocks? S&P is bad now. What do you wait from today?
spar_ma
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@Pastig, First of all sorry for the late answer: tradingview didn’t mentioned that you answered again. I can’t predict the future, but I can tell you my setup. Please don’t get flushed by the daily noise! The trade will be closed when:
1) It closes below 1030$ !and! the next day looks like it’s going further down. Or
2) The goal is reached at 1760$. Then I will take my invested money and rethink my strategy again. In this case I will declare this post as a success and open a new one.
All my steps will be explained then. Not all trades are successful, but these kinds of trades are more often profitable than others. And they are definitely worth it!
And please make your own research, this is still only my opinion/setup traded by me.
The market overall was a bit rough today, but it looks like it's over for now.
So the trade is still on.