NUE Trade on Feb 20, 2020 11:02 from GH0ST_0P: Tradervue User Stock Trades.

27 MAR 48C

Commodities and steel are typically strong end of FEB into MAR. So far this has not played out, perhaps because of the coronavirus. I don't know. What I do know is that technically we have a double bottom at the $47 level, which has been support all year.

Method

• RSI Oversold (20)

• Bollinger Band Pierced (1/29-1/31)

• Double bottom (including several doji's) off of strong resistance.

• 5Wk Expiry

• Risk/ Reward = 3-5R

Money Management

Risked 5%

Exit Strategy

There's initial resistance $54 level, plausible chance price could make it to next resistance level at $57 as well. I'll be out before then though.

UPDATE 2/28

Another casualty of the market meltdown. In addition, with COVID-19 dragging down GDP and the Dollar ripping (commodities are priced in dollars) steel stocks got taken out back to the shed.

The setup looks good still in hindsight. Base building at strong support.

Cut my losses once that pivotal support was broken.