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Apr 24, 2020 1:18 AM
Trading Edge 2020 Portfolio -Trade #11- WES - Inverse H+S
Long
NYSE:WES
1D
Western Midstream Partners, LP
NYSE
Description
⋅
Apr 24, 2020 1:18 AM
Ticker: WES
Position:
~ $7.00 Strike Call (Currently around $0.62/ contract)
~ May 15th expiry
~ Delta = 0.57
~ Risk no more than $300 (4-5 contracts)
Exit/ Profit Targets:
~ Close below the neckline = exit trade (approximately $6.00)
~ Initial target = $8.00
~ Secondary target = $11.00
Rationale:
~ Inverted H+S breakout
~ RSI confirming latest move higher
~ Presence of a gap (stretch target)
~ Moving averages are suggesting (at least near-term) a continued bounce
-TradingEdge
Trade closed: target reached
⋅
Apr 30, 2020 5:52 AM
Exited WES at $1.85/ Contract
193% Profit
Trend Analysis
Chart Patterns
Technical Indicators
invertedheadandshoulders
Inverse Head and Shoulders
WES
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