I'm long $SPLK here, for a good while in fact, but the long term signals in this chart only popped recently. There's big potential upside here, as the company transitions into a more cloud based business model. Daily chart had flashed a bottom signal which we collectively picked at the Key Hidden Levels chatroom, and I've been trading on the long side since. Weekly trends were in place, now daily, weekly, monthly and quarterly are bullish here. We can expect substantial upside into EOY/Q1 2022 in my opinion, in general in the market, and in this stock in particular. Highly recommend considering investing, if not already in. $301-320 is a great confluence area for a massive target long term. Moving below $138-118 would threaten the outlook, take that as your worst case risk for position sizing if trading it long term.
Daily charts offer multiple trade setups where you can use tighter stops, taking in consideration the longer term view to filter the direction of your trades (in this case, long every long signal, maybe trail stops on the way up, or simply be ready to reenter after trade signals pan out, and new ones form over time, this has lower volatility, since you don't hold through drawdowns, and is better suited for more active traders but it is also challenging on its own as you need to monitor it frequently and be skilled at short term trading)
If not, hodl as long as not below $118. Sell calls OTM out one month periodically. (bank the call short if prices make new highs after consolidating, very simply put)
Cheers,
Ivan Labrie.
Daily charts offer multiple trade setups where you can use tighter stops, taking in consideration the longer term view to filter the direction of your trades (in this case, long every long signal, maybe trail stops on the way up, or simply be ready to reenter after trade signals pan out, and new ones form over time, this has lower volatility, since you don't hold through drawdowns, and is better suited for more active traders but it is also challenging on its own as you need to monitor it frequently and be skilled at short term trading)
If not, hodl as long as not below $118. Sell calls OTM out one month periodically. (bank the call short if prices make new highs after consolidating, very simply put)
Cheers,
Ivan Labrie.
Trade closed manually:
I don't like how this is going here, been trading around my position for a good while and sold a couple days ago, sadly didn't update it here.
Trade active:
The short term charts performed well, earnings went very well and price is now holding above the earnings support level which formed after the ranges surrounding the earnings report formed.