Hey folks,
Establishing a moderate position on WORK, since it is still in a down channel so I said 'moderate'.
If it goes right, sell half position at 2:1 risk reward ratio, and aim for 3 times of reward to the stop loss.
For now the risk is only about 1.5 dollar per share, so calculate the position accroding to your account size. If your account has $10K and you are afford to lose 3% or $300, you can buy 200 shares of Slack, and set the stoploss 1.5 dollar away of your entry price - around the bottom, and aim for a profit of $600 to $900.
Happy trading!
Establishing a moderate position on WORK, since it is still in a down channel so I said 'moderate'.
If it goes right, sell half position at 2:1 risk reward ratio, and aim for 3 times of reward to the stop loss.
For now the risk is only about 1.5 dollar per share, so calculate the position accroding to your account size. If your account has $10K and you are afford to lose 3% or $300, you can buy 200 shares of Slack, and set the stoploss 1.5 dollar away of your entry price - around the bottom, and aim for a profit of $600 to $900.
Happy trading!
Trade closed: stop reached:
Revert to short at 21.
Comment:
As planned got stopped, now it is forming a double bottom, so we can still look to buy when it goes back to retest 21.
Comment:
Signal of the bottom on Slack is weak, would keep away from this stock until it effective break up $23 and hold that level