ABBV 47.61 close yesterday.
Upside to 50-52. Risk down to 46+
The parallel channel is made by connecting the two highest lows in the rally, which I have marked with purple circles on the top. The lower channel I made by pulling down the parallel channel down to the "lowest high" back in August. You can see that yesterday's high sits right at that trendline...
15 minute chart shows a good downtrend + pullback = good opportunity to re-enter on the short. A 3:1 reward to risk so not much to lose on this trade with its high reward. If you want to be conservative, put a stop-limit at the 1:1 reward to risk to lock in profits.
I am short here with a $47.5 Jun Put. It retested $45.40 2x and entered on the third retest. That first 15 min candle of the day was based on the news and I am sure that filled everyone's S/L prices. Maybe? It was a big one, well over a $1.00 in the first 15 min. I will play it out by moving my S/L price when it moves down. I am risking about .65 of EV off of the...
