W had earning before the bell, I've been waiting for a break above 51.70 to go long - looks like we'll get that pre-market 2/22.
Breakout level = 51.70 (breakdown level and hard stop loss = 47.36.
- Initial target = 54.50 by 2/23
- Goal target = 58 by 3/6/2024
** If it breaks above 58 then upper target range will be 66-69 by 3/15.
~Since W is highly shorted, a squeeze could carry it a lot higher than 66-69.
Breakout level = 51.70 (breakdown level and hard stop loss = 47.36.
- Initial target = 54.50 by 2/23
- Goal target = 58 by 3/6/2024
** If it breaks above 58 then upper target range will be 66-69 by 3/15.
~Since W is highly shorted, a squeeze could carry it a lot higher than 66-69.
Comment:
Once this breaks above 51.70, if you enter long the dotted black upsloping line is the trailing stop loss.
Comment:
The 66-69 range is what I'm using as my bullish expectation when entering calls, but if the squeeze really ignites when this makes a higher high (above 69.66) then it can continue to 70-82 by end of March 2024.
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and.... we're off to the moon
Comment:
Entered W Mar 15 58 calls for 2.17 (52.85 underlying, 10:00am 2/22)
Comment:
I'm also playing RH as a stock correlated to W but with a lot more volatility - same exact chart setup.
I entered RH Mar 15 285.00 calls for 4.00 (underlying 259)
- RH initial target is 285
- Goal Target 305
- Can extend as high as 330 by 3/15
I entered RH Mar 15 285.00 calls for 4.00 (underlying 259)
- RH initial target is 285
- Goal Target 305
- Can extend as high as 330 by 3/15
Comment:
last chance to add calls for a discount
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One last thing on the larger degree structure here - the setup is pointing to a 5 wave move mid term to 109 minimum (expect this level later in 2024). What I am playing here is the 1st of 5 waves to upper 60s - if it extends further, great.
Also picked up 100 shares here.
Also picked up 100 shares here.
Comment:
Added calls. Following forecast exactly (black arrow/path).
We are about to make the next move higher after testing just above 51.70 (breakout level) for support. Looking real juicy here.
We are about to make the next move higher after testing just above 51.70 (breakout level) for support. Looking real juicy here.
Comment:
Took profits on a third of my W position.
Comment:
Took another 1/3 off the W Mar 15 58calls for 3.90 (up 80% form initial position, over 100% from average price). Target 1 hit.
I'm keeping the remaining 1/3rd of position to let ride and see how high this can squeeze.
I'm keeping the remaining 1/3rd of position to let ride and see how high this can squeeze.
Comment:
Calls at 5.45 and rising
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Sold another 1/3 of W position (calls) for 4.30 - 98% gain from original entry at 2.17. Keeping the remaining 1/3 of position open to see if it can hit 64-66 in the coming week.
I see near-term risk of pullback to 57-59 early next week Monday 3/4-Tues 3/5. This could cut the calls back down to around 2.70 before they rebound and with Mar 15 expiry theta will start to become significant factor next week - so just a heads up if you're still in full position take some profits before the close today.
I see near-term risk of pullback to 57-59 early next week Monday 3/4-Tues 3/5. This could cut the calls back down to around 2.70 before they rebound and with Mar 15 expiry theta will start to become significant factor next week - so just a heads up if you're still in full position take some profits before the close today.
Trade closed: target reached:
Just getting a chance to send this update - I closed out my position today, should still have that chance tomorrow if you haven't yet. Target of 64-66 was hit tho so that was your signal.
Sold the final 1/3rd of Mar 15 58 calls for 6.50 (+200% gain on that portion of position; total return of 126% on full position).
I posted an update earlier in this trade that I was also playing RH Mar 15 285.00 calls for 4.00. I sold those today for 20.00 when underlying was 305 (it hit 311 at one point today). Return on the RH play was 400%.
All in all, felt good to make money on 2 trash companies. The W trade was a decent trade, the RH was a great trade.
Apologies for not posting this during the trading day, but good new is you'll have a chance to exit tomorrow - probably for better gains than I got because these 2 companies are mid squeeze and dangerous for shorts.
Peace.
Sold the final 1/3rd of Mar 15 58 calls for 6.50 (+200% gain on that portion of position; total return of 126% on full position).
I posted an update earlier in this trade that I was also playing RH Mar 15 285.00 calls for 4.00. I sold those today for 20.00 when underlying was 305 (it hit 311 at one point today). Return on the RH play was 400%.
All in all, felt good to make money on 2 trash companies. The W trade was a decent trade, the RH was a great trade.
Apologies for not posting this during the trading day, but good new is you'll have a chance to exit tomorrow - probably for better gains than I got because these 2 companies are mid squeeze and dangerous for shorts.
Peace.