SOYB is one I took in the early aftermarket .. looks worth a shot to me . It's the second wedge drop/ wedge pop setup after the lockout, first was march 22 (note the WD that occurred) . Entry here in AM at - 10.37 Stop - 26.99 De risk 28.07
Chart Legend
IBO = initial breakout BO = Breakout E = Entry I like
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Correction : First wedge drop after the lockout occurred on march 16th , not the 22nd *. I consider the lockout the period starting after E1 mark, this is because it was difficult to enter on a daily pullback for most traders ..
Trade active
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De-risked this on Friday original stop in effect on balance .
What's your thoughts on this currently? I bought $21 puts for November since they were dirt cheap. Assuming there's a pullback to the 200ma, this should be a profitable trade
NAK1987
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@MWCLLC, Hey , good luck on your puts first of all , but personally I use stage anlaysis in my trading , primarily based on Stan W methodology. But basically it is still in a stage two uptrend so I would bet on it to continue up until we see a change in price structure . I guess in a sense you have taken a countertrend trade there , which I rarely partake in and if I do they need price action to help increase odds a bit , since after all countertrend trades are low probability. You can greatly increase a countertrend trades probability by adding favorable price action to the mix .. I do however see some signs of a potentially weakening trend on SOYB though, maybe even some hidden distribution in recent candles too ...