PlanTradePlanMM

WFC Long, sideways bottom

Long
NYSE:WFC   Wells Fargo & Company
Identify Price action:
1. Sideways; Find: Support and Resistance
2. Sudden Reversal; Find demand and supply Zone.

Entry 24
Stop 22
Target 26; reward:risk=1:1
Target 30; reward:risk=3:1
Target 33; reward:risk=4:1

Current price is at bottom of sideway range.
Estimate: not going down below demand.
Strategy: Sell Put

I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
Trade active:
Option trade: SelltoOpen Jan P22.5/17.5, limit 1.26;
No Stop; Willing to be assigned.
Unless SPY into daily downtrend.
Comment:
Correction:
This position should be stopped under 22. about 0.7 stop loss.
Trade closed manually:
closed buy limit 0.85, a small winner
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.