Shared by
kerobo0000
Rationale:
-PEP has been running up ahead of earnings on strong volume
-bullish intraday wedge pattern formed by 10a - have seen these play out too many times for me to forgo
-this was the only bullish setup on watchlist (given market is down today)
Reasons for entry:
-stock is in an uptrend
-XLP outperforming market today
-broke out of multi day consolidation on 3/19 and has been running up since
-intraday wedge pattern formed by 10a
-elevated daily volume
-above daily/hourly moving averages
-break of whole number resistance 120
-moving averages sloping upward
Trade Planning
-structure: stock
-major support: 119.62
-add point: NA
-stop loss: $120
-take profit price / risk-reduction plan: $121.02 (ATR move) - I took profit before target was hit
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-03-22 10:12:23 | PEP | buy | $120.140 | long |
| 2019-03-22 10:48:34 | PEP | sell | $120.550 | long |
| 2019-03-22 10:55:56 | PEP | sell | $120.351 | 0 |
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