One of the limits for the year has been triggered by this stock so I am short the stock.
I typically close instruments based on weekly close so a weekly close above $23.71 is my reason to close and potentially switch sides.
This trade will be held for weeks once it goes into profit.
I got filled at $23.56 with a SL of $27.10 with a target of $17.53
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Analysis of #ALCOA CORPORATION
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Strategy: Bearish BAT With potential Max R/R 2.95%
So let’s talk about the five biggest trading mistakes that cause traders to lose money. And one of them is the account killer that I’m saving for last.
When you are trading, you need to have a trading strategy. You already know this, this is nothing new.
The 3 Key Elements To Every Trading Strategy
There are three key elements to every single trading...
The PEAD projected a bearish outlook for $AA after a negative under reaction following the earning release placing the stock in Drift D
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Hey guys, ALCOA CORPORTION is in a bullish movement with a return of purchase volume executed. Looking at the TIMEFRAME M1 we observed a hammer candle with a high volume of traded sales it is breaking the base of the bollinger. To get to its low point, do a trend reversal test the bollinger high. Then test the VWAP again to find the height of the comfort zone and...
I have a golden cross list and I do play the pattern often.
Full list is below. Watch for volume and confirmation, golden crosses are not guarantees.
Golden crosses on the horizon (within 1-35 days)
AA - I want in, but afraid
GE - Im in
HAS - Im in
MMM - Im in
NTR - Im in
NNDM - Im in
Alcoa is within its 5th wave and those who were able to buy during my previous call to a completed wave 4 are in profit. Better not sell though! We are in an extended 5th wave, which means that the length of the whole 5th wave is 1.618 the length of waves 1 and 3 combined. This puts our target at 53.83, meaning there is more upside to come.
There is still time...
I like the curls this has on the hourly and its resting on a volume shelf nicely.
Be careful of news and the impacts.
Could be a play I put on repeat. I bought low yesterday and plan to sell the open today.
I wrote about this when they dropped below $2B, but then bottomed out at $1B and are not back up to $4B.
Alcoa is one of those storied brands that can never catch a break. There's always a lawsuit or downside event that catches them off guard.
Recently though, they've made a pretty incredible recovery, and clearly there's more appetite for the comeback story of...
Wave 4 has just completed as a running flat correction, and wave 5 will begin. Since there has been no wave extension in wave 1 and 3, wave 5 is likely to be extended, which means wave 4 ends at the .618 of the whole impulse wave. Wave 5 target is around 20.83.
$AA Alcoa Corp - Oversold finding support just above $11.50 this week. Expecting to see a near term bounce from this level.
Adding to the bullish sentiment - some unusual options activity Friday:
19k $14.00 strike (far OTM) Jan'21 calls traded vs open interest of 1,156 or 16 times OI for a total premium outlay of $1.5M
Near term price target = $13.00-$14.00...
As expected we are now heading lower. We hit resistance at the downtrend on the LOG scale. I’m planning to scale in at the normal scale downtrend and horizontal resistance. No buy signal yet. If we break LOG downtrend it is a screaming long but not until then
Uptrend Corridor bounce with target price set at resistance bounce.
- 3-month Uptrend
- RSI and STOCH above 50
- MACD above Signal
Suggested Entry $14.86
Suggested Stop Loss $14.53
Target price $16.81
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as...