PENN Trade on Feb 18, 2020 10:17 from GH0ST_0P: Tradervue User Stock Trades.

20 MAR 36P

Very strong, its been going for some time. It blew off a bit above resistance, but immediately came back with a perfect railroad pattern just as large. So we'll see. RSI wise it's only made this high one other time in the last 3yrs and that peak was also followed by a similar large red day. Hopefully history repeats.

Method

• RSI Overbought (83)

• Bollinger Pierced (1/29-2/10)

• Railroad pattern reversal from VERY strong resistance @ $37 area

• 5Wk Expiry

• Risk / Reward = 2-3R

Money Management

Risked 5%

Exit Strategy

First resistance is at the $33 dollar area, which should coincide with the 20dma. Based on the last blow off and pullback and 61fib, if we get the move we're looking for is a target of the $31 area

UPDATE

This trade worked out beautifully, aided by the global meltdown in stocks of course.
I took profit according to plan, but the way things are going, this may end up testing support at $26!