MoneyPatterns

WM - Bullish Pattern Breakout - Bullish EMA Cross Imminent

NYSE:WM   WASTE MANAGEMENT INC
I AM NOT ENTERED IN THIS TRADE - BUT ITS READY IMO
Unless price opens below $113.03, WM is ready. Bullish Put Credit Spread

Chart Details
Bullish pattern on Weekly view with bullish price breakout.
Pattern is repeating in WM , flat bottom wedge ( bullish pattern ). I like this sign.
Bullish EMA Cross on Daily view.
Bullish EMA Cross on Weekly view is guaranteed IMO .
Price is already above 10WeekMA with buy signals on Daily and Weekly.
Only cons :
- 2 gaps below current pattern. We aren’t keeping anything long. :)
-Monthly options only, no weeklies. Plan accordingly.

Entry Options
Looking at 1/17 Expiry. Put Credit Spread. 110/115 strikes. POP 66%. Risk $345. Reward $155.
Not the best risk/reward. But I like the pattern and EMA Cross/10Week price cross on Weekly - this is money in the bank 9 out 10 times.
Stop loss at $112.50
Must exit before expiry. Hold maybe a week. Exit at 50% profit, gap fills, or your risk tolerance.

Spread Comparison
Debit Spread vs Credit Spread –Bullish Call Debit Spread everything the same would have risk $365, reward $135. This is the reason credit spreads beat debit spreads almost always. You risk less and make more with higher POP (probability of profit).

About Me
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
I am transitioning to my new website https://www.moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :)
Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards.
Disclosure - I am long BTCUSD , GBTC . Short term GDX Bullish , SMH Bearish , SPXS Bullish
Trade closed: stop reached: Bad news -Price opened below 113.03. Trade did not activate based on criteria above.
Good news - Bullish trend still next on Weekly. Everything still in play, just on hold.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out